Magnetic raises A$35m to advance Lady Julie gold project
Gold explorer and developer Magnetic Resources has raised A$35-million through a single-tranche placement to sophisticated, professional and institutional investors.
The company will issue about 26.9-million new fully paid ordinary shares at A$1.30 a share – a 5.1% discount to its last closing price and a 10.3% discount to its five-day volume-weighted average price.
Magnetic MD George Sakalidis said the funds would support key development milestones. “The company is delighted with the strong interest in the capital raising, with the funds raised allowing the commencement of the pre-production works and the continued expansion of the gold resources at the Lady Julie North 4 deposit."
“The continued expansion of the Lady Julie gold project in Laverton along with the increased gold price, further validates the company’s continued pursuit of bringing the project into production with studies showing the potential for a financially robust low-cost, high margin gold project.
“Funds will be used to further advance feasibility work, allow for increased drilling but more importantly allow for the purchase of long lead items required for the commencement of production.”
The placement was jointly managed and bookrun by Argonaut Securities and Shaw and Partners, which also acted as joint lead managers.
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