Magnus International extends expiry of warrants, piggyback warrants from January 2004 PIPE

By Sheri Kasprzak

New York, Nov. 1 - Magnus International Resources, Inc. has extended the expiration date on warrants and piggyback warrants associated with a unit offering it concluded in January 2004.

The warrants, originally slated to expire on Oct. 31, 2005, will now expire on Jan. 31, 2006. The piggyback warrants that had been scheduled to expire on Jan. 9, 2006 will now expire on Sept. 30, 2006.

The strike price of the warrants will be increased by $0.025 each month through expiration, beginning Nov. 1, 2005. The warrants are now exercisable at $1.075 each.

"The board of directors of the company decided to extend the expiry date of such $1.00 warrants in order to raise additional capital for the company's exploration programs in China and to increase the exercise price of such warrants to encourage earlier exercise of such warrants," said a statement from Magnus.

On Jan. 9, 2004, Magnus, then known as Gravity Spin Holdings, Inc., completed a $2.5 million private placement of 2.5 million units.

The units included one share, one warrant and one piggyback warrant. The warrants were originally exercisable at $2.00 each, and the piggyback warrants were exercisable at $4.00 each.

Las Vegas-based Magnus is a gold and copper acquisition, development and exploration company.

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