https://www.miningweekly.com
Copper|Exploration|Gold|PROJECT|Resources|Drilling
Copper|Exploration|Gold|PROJECT|Resources|Drilling
copper|exploration|gold|project|resources|drilling

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

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

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







sq:0.086 0.125s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: