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.
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