Magmatic Resources received commitments to raise AU$4 million via Placement and SPP

Magmatic Resources Limited (ASX: MAG) announced that it had received binding commitments from institutional and professional investors for a placement of ~AU$3.0 million. The Placement will comprise the issue of 30,206,000 new fully paid ordinary shares at an issue price of AU$0.10 per share.

Other than the placement, the Company will raise another AU$1 million via Share Purchase Plan. Under the SPP, qualified MAG shareholders could to apply for up to AU$30,000 of New Shares without incurring brokerage or other transaction costs.

The raised fund will be used to expand and accelerate the high-impact drilling program at the Myall Project subsequent initial solid results at the Corvette Prospect and continued exploration of other high-priority targets in Magmatic’s portfolio and for general working capital.

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