Magnetic raises A$10m to advance Lady Julie gold project
ASX-listed Magnetic Resources on Monday announced the successful completion of a A$10-million single placement to sophisticated and institutional investors.
The placement, which was oversubscribed, comprised eight-million new fully paid ordinary shares to be issued at A$1.25 a share.
“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,” commented MD George Sakalidis.
“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 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.”
Argonaut Securities acted as lead manager to the placement.
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