Magmatic Resources: Raises up to $4m to advance the Myall, NSW

Magmatic Resources Raises up to $4m to advance the Myall, NSW

• Magmatic Resources (MAG) launches a $4 million capital raising in the form of a $3 million binding placement and a non-underwritten $1 million share purchase plan (SPP)
• The placement will comprise the issue of new 30.2 million shares at 10 cents, a 9.1 per cent to the company’s last closing price on November 11
• The SPP will allow eligible shareholders to apply for up to $30,000 worth of new shares at the same price as the placement
• MagmaticResources will use the money to accelerate drilling at the Myall project in New South Wales and for continued exploration of other high priority targets
• Shares in Magmatic last traded at 11 cents at 1:58 pm AEDT