PERTH (miningweekly.com) – ASX-listed junior Magnetic Resources has raised A$3.1-million through a share placement priced at 28c each.
Magnetic had initially sought to raise A$2.5-million, but strong demand from new and existing shareholders prompted the company to increase the share offer.
The company on Tuesday told shareholders that the funds raised will be used on exploration at its Laverton-Leonora gold projects, in Western Australia, with metallurgical and scoping studies set to start in August this year.
“The company is continuing to undertake an aggressive drilling programme as it continues to define additional mineralisation and ultimately a resource,” said Magnetic MD George Sakalidis.
“These funds will allow the company to fully explore the known mineralisation and test targets at depth.”