USD $4,143.86
Goldman Strong investor demand underpins placement to accelerate feasibility and site works
Magnetic Resources NL (ASX:MAU) has successfully completed a A$35 million placement to institutional, professional and sophisticated investors, securing firm commitments to support the ongoing development of its Lady Julie Gold Project (LJGP) in Laverton, Western Australia.
The placement, priced at A$1.30 per share, will see the issue of approximately 26.9 million new fully paid ordinary shares.
Funds raised will be used to progress multiple fronts at LJGP, including:
- Infill and extensional drilling
- Feasibility study optimisation
- Early site works and contractor hires
- Acquisition of long lead items
- General working capital
The capital raise attracted strong interest from both domestic and international institutions, with Argonaut Securities acting as Global Coordinator, Joint Lead Manager and Joint Bookrunner, alongside Shaw and Partners in Joint Lead and Bookrunner roles.
Magnetic’s Managing Director, George Sakalidis, commented:
The Company is delighted with the strong interest in the capital raising, with the funds raised allowing the commencement of the pre-production works and the continued expansion of the gold resources at the Lady Julie North 4 deposit. On behalf of the Board, I welcome our new shareholders and thank existing shareholders for their continued support at an exciting time of development for the Company. I would also like to acknowledge both Argonaut and Shaw and Partners for their efforts in building a strong and high-quality book as part of this Offer.
The continued expansion of the Lady Julie Gold Project in Laverton along with the increased gold price, further validates the Company’s continued pursuit of bringing the project into production with studies showing the potential for a financially robust low-cost, high margin gold project.
