Magnetic Resources raised funds to advance Laverton Project

Magnetic Resources NL (ASX: MAU) announced that it had received binding commitments from existing and new shareholders to raise approx. AU$1.1 million via the placement. The placement comprised the issue of approx. 1.05 million shares at an issue price of AU$1.05 per share. The issue price represents a 10% discount from the last closing price of AU$1.17 per share.

The funds raised via the placement will be used for resource and scoping study work and some drilling at Lady Julie 4, which is still open at depth and to the SSE, together with additional working capital. Under the placement, the settlement of new shares are anticipated to occur on 20 July 2022 and allotment on 22 July 2022.

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