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25 cents!! Thats the new floor for Sergey  and we headed to the tsxv! Awesome!

MOSCOW, Feb. 10, 2016 /CNW/ - Mangazeya Mining Ltd. (the "Company" or "Mangazeya") (NEX: "MGZ.H") announces that it has entered into a shares for debt agreement (the "Agreement") with Mangazeya Center LLC, a company wholly owned by Mr. Sergey Yanchukov, the Chief Executive Officer and controlling shareholder of the Company (the "Controlling Shareholder"). Pursuant to the Agreement, the Company will settleCAD$201,230,563.54 of debt by issuing 804,922,254 Common Shares to the Controlling Shareholder (the "Transaction") at a deemed price of $0.25 per Common Share (the "Share Price"). 

The Share Price represents a 733% premium to Mangazeya's closing share price of CAD$0.03 as of February 9, 2016. The Controlling Shareholder has agreed to purchase the Common Shares to be issued as part of the Transaction (the "Shares") at a premium in order to maintain the Company's free float of Common Shares above 10%.

Mangazeya expects the Transaction will enhance the Company's liquidity and improve the Company's prospects of raising additional capital in the future in order to advance its mining projects.

The NEX and TSX Venture Exchange (collectively, the "Exchanges") have determined that the Transaction will constitute a reactivation of the Company. As such, the Company intends to submit to the TSX Venture Exchange a reactivation application to be listed on Tier 2 of the TSX Venture Exchange once the Transaction is completed.

The Company has determined that exemptions from the various requirements of TSX Venture 

Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the Shares to the Controlling Shareholder (i.e., Minority Approval Requirement – Financial Hardship). The issuance of the Shares is subject to TSX Venture Exchange final acceptance. 

The Shares will be subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities laws.

A material change report (the "MCR") will be filed on SEDAR and will be available for review at http://www.sedar.comunder Mangazeya's profile. A copy of the MCR can also be obtained from the contact below