8-K - Mag Magna Corp. | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

Mag Magna Corp. entered into lock-up and leak-out agreements with 11 consultants covering 8.9 million shares, representing 89% of shares issued to consultants, restricting sales through December 31, 2026, followed by limited monthly and daily sales through June 30, 2027.

Key Takeaways

1Lock-up agreements cover 8.9 million shares (89% of 10 million shares issued to consultants) with 11 consultants, restricting all sales through December 31, 2026.

2During the leak-out period from January 1 to June 30, 2027, sales are limited to 100,000 shares per month and 20,000 shares per day.

3Agreements terminate early if the company's stock price trades above $5.00 for ten consecutive trading days after the lock-up period ends.

4The company's board may reduce, remove, or waive resale restrictions at its discretion.

5The company engages in rare earth elements mining and acquired its first mining properties in January 2026.

Current Report Details

Event Type

Material Agreement

Other Event

Exhibits Only

Disclosure

Mandatory

Variant

8-K

Items Reported

1.01

. Entry into a Material Definitive Agreement.** **Lock-Up and Leak-Out Agreements** Effective March 27, 2026, Mag Magna Corp., a Wyoming corporation (the ** “Co

Material Agreement

Source Document

8.01

. Other Events.** On March 31, 2026, the Company published the following press release: “**Mag Magna Corp. Announces Voluntary Lock-Up Agreements Covering 89% o

Other Event

$5.00

9.01

. Financial Statements and Exhibits.** (d) Exhibits. | Exhibit Number | | Description | |---|---|---| | 10.1 | | Form of Consulting Services Agreement. | | 104

Exhibits Only

Transaction Details

Material Agreement

Agreement: Lock-Up and Leak-Out Agreements
Parties: Mag Magna Corp. and 11 consultants

•Lock-up period through December 31, 2026
•Leak-out period from January 1 through June 30, 2027
•Monthly leak-out limit of 100,000 shares
•Daily leak-out limit of 20,000 shares
•Early termination if stock price trades above $5.00 for ten consecutive trading days after lock-up period
•Board may waive restrictions at its discretion

Exhibits (2)

10.1

LOCK-UP AND LEAK-OUT AGREEMENT

8-K

FORM 8-K