By Marisa Wong
Milwaukee, April 7 - Magnetic Resources NL announced it will raise A$1.58 million through a placement of shares with sophisticated and professional investors.
The company will issue 3,960,230 shares at A$0.40 each.
Funds from the placement will be used to advance exploration on Magnetic's iron ore prospects and for the company's uranium prospects.
West Perth, Australia-based Magnetic Resources is a gold, nickel and uranium exploration company.
| Issuer: | Magnetic Resources NL
|
| Issue: | Shares
|
| Amount: | A$1.58 million
|
| Shares: | 3,960,230
|
| Price: | A$0.40
|
| Warrants: | No
|
| Announcement date: | April 7
|
| Stock symbol: | Australia: MAU
|
| Stock price: | A$0.455 at close April 7
|
| Market capitalization: | A$24.93 million
|
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