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[foldhero]

I guess it is really bad news.

[AdamJ]

Here's the News Release and make note of one of the underwriters in regards to yesterdays million share trade.

MagIndustries Corp. Announces Terms of Equity Financing

TORONTO, ONTARIO--(Marketwire - June 2, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES

MagIndustries Corp. ("Mag" or the "Company") (TSX VENTURE:MAA)
announced today that, in connection with its previously announced
public offering, it has entered into an underwriting agreement with a
syndicate of underwriters led by Cormark Securities Inc. and including
BMO Nesbitt Burns Inc., Paradigm Capital Inc., Canaccord Capital
Corporation and Jennings Capital Inc. (collectively, the
"Underwriters") to sell 62,150,000 common shares of the Company (the
"Common Shares") at a price of Cdn$0.42 per Share to raise gross
proceeds of Cdn$26,103,000 (the "Offering"). The Common Shares are
being offered by way of a short form prospectus in the provinces of
Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia,
Ontario and Saskatchewan (the "Qualifying Provinces").

The Underwriters have also been granted an option to purchase up to an
additional 9,322,500 Common Shares on the same terms and conditions as
the Offering, exercisable at any time, in whole or in part, up to 30
days from the closing of the Offering (the "Over-Allotment Option").
If the Over-Allotment Option is exercised in full, the total gross
proceeds to Mag will be Cdn$30,018,450.

The Offering is scheduled to close on or about June 16, 2009 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the TSX
Venture Exchange.

The net proceeds of the Offering will be applied toward the
construction of Phase I of the Company's potash project near Mengo in
the Kouilou province of the Republic of Congo, including construction
of a portion of the natural gas pipeline, purchasing of materials,
services and equipment, and acceleration of engineering work.

The Common Shares offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or applicable
exemption from the registration requirements. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the Common Shares in any jurisdiction
in which such offer, solicitation or sale would be unlawful.

An amended and restated preliminary short form prospectus (the
"preliminary prospectus") relating to the Offering will be filed today
with securities commissions or similar authorities in each of the
Qualifying Provinces. Copies of the preliminary prospectus may be
obtained upon request without charge from Cormark Securities Inc. When
available, a copy of the preliminary prospectus may also be obtained
on SEDAR (Welcome to the SEDAR Web Site / Bienvenue au Site Web SEDAR). There will not be any sale or any acceptance
of an offer to buy the securities until a receipt for the final
prospectus has been issued.

About MagIndustries Corp.

MagIndustries is a Canadian company whose common shares are listed on
the TSX-Venture Exchange and trades in Canadian currency under the
symbol "MAA". The Company has 288,079,962 shares outstanding on an
undiluted basis. MagIndustries' resource subsidiaries are operating
and developing major industrial projects in the Republic of Congo and
the Democratic Republic of Congo. More information on the Company is
available at its website, Home.

Except for historical information, this press release contains forward-
looking statements, which reflect the Company's current expectation
regarding future events. These forward-looking statements involve
risks and uncertainties, which may cause actual results to differ
materially from those statements. Those risks and uncertainties
include, but are not limited to, changing market conditions, and other
risks detailed from time-to-time in the Company's ongoing filings. We
undertake no obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future
events or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events in this press release might
not occur.

Cusip: 55917T 102

[foldhero]

Thank you AdamJ for the information. I guess the price will be around .42 for a long while then. I will be sleeping on my positions until it goes up!

[AdamJ]

Personally, I'd buy from the offering if it was available through my broker. Once there's an announcement about it being bought (preferably overbought) than there will most likely be a slight increase back into the 0.50s

[fearles]

Today we are seeing a rebound back to the price before the offering, let see if it holds.

[foldhero]

I am really confused with this kind of activity. If people can buy it from their broker for $.42, how can it be sold for $.50 in the market? The same happened to CLL.to.

[AdamJ]

Originally Posted by foldhero I am really confused with this kind of activity. If people can buy it from their broker for $.42, how can it be sold for $.50 in the market? The same happened to CLL.to.

You can only buy through certain brokers and those shares won't be selling in the market yet. What's moving it is speculation on an early sell out of the listing but, mostly the new price targets of around $0.75 that a few analysts put on them last week.

[foldhero]

Originally Posted by AdamJ You can only buy through certain brokers and those shares won't be selling in the market yet. What's moving it is speculation on an early sell out of the listing but, mostly the new price targets of around $0.75 that a few analysts put on them last week.

Do you know how soon the new shares will be allowed to trade at the market?

[AdamJ]

Should be on or shortly after the closing date of June 16th. Don't expect any changes in volume, etc.

Updated technical report today http://www.marketwire.com/press-rele...A-1002819.html

[AdamJ]

Trading Halted. Most likely an early closing on the new share offering.