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Magnetic Resources in small capital raising

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Magnetic Resources (ASX:MAU) has undertaken a small capital raise of $300,000 by placing 2,727,272 shares at $0.11 per share with investors.

The funds are ear-marked for drilling and development of the Ragged Rock and Kauring assets in Western Australia.

Magnetic is looking to attract a strategic investor into the Ragged Rock iron ore project, particularly from Chinese and Indian steel businesses.

Kauring is located 30 kilometres east of Ragged Rock.

Current share price is $0.105.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

 

Quick facts: Magnetic Resources NL

Price: 1.21 AUD

ASX:MAU
Market: ASX
Market Cap: $255.22 m
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