Mag Magna Corp. Announces Voluntary Lock-Up Agreements Covering 89% of 10 Million Shares Issued to Consultants
Rhea-AI Summary
Mag Magna Corp (OTCID:MGNC) announced voluntary lock-up agreements covering 89% of 10,000,000 registered shares issued to consultants. Participating shareholders agreed not to sell or transfer shares through December 31, 2026, followed by a leak-out period through June 30, 2027 with monthly and daily volume limits.
The lock-ups terminate early if the common stock closes above $5.00 for 10 consecutive days after December 31, 2026, and the board may reduce or waive resale restrictions at its discretion.
Positive
- 89% of 10,000,000 consultant shares subject to lock-up
- Lock-up effective through Dec 31, 2026 with staged leak-out to Jun 30, 2027
- Measures intended to promote stable, fundamentals-based trading
Negative
- Board may reduce or waive lock-up restrictions at its discretion
- Lock-up terminates if stock > $5.00 for 10 consecutive days
News Market Reaction – MGNC
In the Mar 31 session, MGNC gained 33.32%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
LAS VEGAS, NV / ACCESS Newswire / March 31, 2026 / Mag Magna Corp. (OTCID:MGNC) (the "Company"), a rare earth elements mining company, today announced that certain shareholders, each of whom is a consultant to the Company, who were participants of the total of 10,000,000 registered, free-trading shares issued under the Company's S-8 Registration Statement have entered into voluntary lock-up agreements with the Company (the "Lock-Up Agreements").
"First, we appreciate the support of our consultants and their crucial work on our company's behalf," said Jamal Khurshid, the Company's Chief Executive Officer. "Second, their willingness to demonstrate their long-term belief in our rare earth element mining strategies by signing the Lock-Up Agreements speaks volumes. Our management team is energized and committed to bringing our vision for rare earth elements mining operations to fruition." Mr. Khurshid further offered that the Company believes that the Lock-Up Agreements will further the Company's intention to promote a stable, fundamentals-based trading market for its common stock, to the benefit of its current and future shareholders, as well as important stakeholders.
Pursuant to the Lock-Up Agreements, participating shareholders have voluntarily agreed not to offer, sell, transfer, assign, pledge or otherwise dispose of their shares, directly or indirectly, except as permitted under the Lock-Up Agreements. The shares owned by the participating shareholders are completely locked up through December 31, 2026, followed by a leak-out period through June 30, 2027, providing for monthly and daily volume limitations; provided that the Lock-Up Agreement will terminate if the Company's common stock price closed over
The Lock-Up Agreements also provide that the Board of Directors of the Company may, in its discretion, reduce, remove or waive the application of the resale restrictions. The shares that are subject to the Lock-Up Agreement will remain subject to applicable securities laws and contractual obligations.
ABOUT MAG MAGNA CORP.
The Company engages in the rare earth elements mining industry, having acquired its first mining properties in January 2026. The Company intends to acquire attractive undeveloped rare earth mineral mining properties and, thereafter, engage in the mining of the present rare earth minerals.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding our expectations, intentions, beliefs, and projections about our future results, performance, prospects, and opportunities. These statements can be identified by the fact that they do not relate strictly to historical or current facts or by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "potential," "should," "will," "will be," "would," the negative of these terms and similar expressions, but this is not an exclusive way of identifying such statements. Readers are cautioned that forward-looking statements are not guarantees of future performance.
The Company will continue to file annual, quarterly, and current reports, proxy statements and other information with the SEC. Forward-looking statements speak only as of the dates specified in such filings or releases. Except as expressly required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances arising after any such date, whether as a result of new information or future events or otherwise. You should not place undue reliance on the forward-looking statements included in this release or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
Company Contact.
1-702-595-2247
sanghaharp1964@gmail.com
www.magmagnacorp.com
SOURCE: MAG MAGNA CORP.
View the original press release on ACCESS Newswire