Magnetic Resources NL (ASX:MAU) has received binding commitments for approximately A$3.44 million in new funds.
This will leave the company well funded with over A$5M cash in the bank. The placement saw interest from existing shareholders and directors. The placement includes A$600,000 contributed by the directors.
The funds raised will be predominately used to advance the development approvals, economic studies, evaluate nearby processing facilities, drilling extensions on the Lady Julie 4 Gold Deposit together with additional working capital for our Laverton Project in Western Australia.
“I would like to thank the shareholders and directors for this tremendous participation in this placement. It allows Magnetic to be well funded to be able to complete the advancement of its Laverton Project Gold Deposits focussing on development and at the same time adding extensions to the Lady Julie 4 Deposit,” Managing Director, George Sakalidis, said.
For further information please visit: https://magres.com.au/
