Magnetic Resources NL (ASX: MAU) has successfully raised A$12 million from various investors, both new and existing, to accelerate the development of the Lady Julie Gold Project (LJGP). The placement was heavily oversubscribed, demonstrating strong interest from domestic and international investors. The funds will be utilized for deeper drilling to expand resources at LJGP, exploration drilling along the Chatterbox Shear, feasibility studies, and general working capital.
The placement, led by Ord Minnett and Argonaut Securities, involves issuing approximately 13.3 million new fully paid ordinary shares at A$0.90 per share, representing a 10.9% discount to the last close. This funding will support LJGP's expansion and commercialization efforts, aiming to extend the mine's life and enhance gold production. The timetable for the placement includes settlement of shares by March 21, 2024, and expected ASX quotation by March 22, 2024.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
