https://www.engineeringnews.co.za

Magmatic raises exploration funding

16th November 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Gold and copper explorer Magmatic Resources is hoping to raise A$4-million through a share placement and share purchase plan (SPP) to fund exploration work in New South Wales.

The junior has received binding commitments from institutional and professional investors for the placement of 30.206-million shares, at a price of 10c each, to raise an initial A$3-million.

The placement price represented a 9.1% discount to Magmatic’s last closing price, and a 15.2% discount to the company’s 10-day volume weighted average share price.

The shares will be issued under the company’s existing placement capacity and will not require shareholder approval.

In addition, Magmatic will also undertake an SPP, also priced at 10c a share, to raise a further A$1-million. The company would allow eligible shareholders the opportunity to subscribe for up to A$30 000 of additional shares in the company.

The SPP will open on November 25 and close on December 9.

The funds raised will be used on an expanded and accelerated drilling programme at the Myall project, as well as on exploration at other high priority targets.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Axiom Hydraulics
Axiom Hydraulics

Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.056 0.659s - 140pq - 2rq
Subscribe Now