Alpayana will acquire 62.2 million shares at C$2.25 each, a price point that sits slightly below Magna’s Friday closing figure of C$2.35. While Magna’s stock has faced a 19% slide since the beginning of the year, the company maintains a 26% gain over the trailing 52-week period.

Magna’s core operations are concentrated in Ontario’s Sudbury mining district, where it manages the McCreedy West Mine. The company is currently working to advance a pipeline of past-producing properties, including the Levack, Crean Hill, Podolsky, and Shakespeare sites. By securing this funding, the company gains a strategic partner with existing mining operations across Peru and Mexico.