USD $4,165.18
Goldman Funds will be used for drilling, resource expansion, and feasibility work.
Magnetic Resources NL (ASX:MAU) has successfully completed an oversubscribed A$10 million placement to sophisticated, professional, and institutional investors. The funds raised will support the advancement of the Lady Julie Gold Project (LGP), located in Laverton, Western Australia, and will be directed towards resource definition drilling, deeper drilling for resource expansion, exploration drilling, and ongoing feasibility work.
The placement, which saw strong participation from new and existing domestic and international investors, consisted of 8 million fully paid ordinary shares issued at A$1.25 per share. Argonaut Securities Pty Limited acted as the sole Lead Manager.
Magnetic’s Managing Director, George Sakalidis, commented:
The Company continues to expand the gold resources at the South Laverton project, and on behalf of the Magnetic Board, I would like to thank our existing shareholders for their ongoing support and welcome new shareholders as we continue to expand the highly promising Lady Julie Gold Project. I’d also like to acknowledge the Lead Manager for building a strong book as part of this Offer.
The Lady Julie Gold Project in Laverton continues to expand in size, and with an increasing gold price, the Company continues to be excited by the potential for a financially robust low-cost, high margin gold production. Funds from this raising will allow the Company to continue to drill for deeper resource extensions at the same time as advancing feasibility work with the view to establishing a long mine life.
