Magnetic Resources NL (ASX:MAU) has received binding commitments for approximately A$1.02 million via a share placement.
The placement saw interest from new and existing shareholders.
Managing Director, George Sakalidis, said the funds raised will be predominately used for additional deep drilling, metallurgical, resource and scoping study work at the Hawks Nest 9 and Lady Julie projects in Western Australia, together with additional working capital.
“Drilling at both the Hawks Nest 9 and Lady Julie projects continues to intersect thickened mineralised zones that start from surface and remain open along strong and at depth,” Mr Sakalidis said.
“The company has noticed strong interest in the Australian gold sector in the recent months with a number of mergers and acquisitions as larger companies look to acquire developing project close to resource status.
“The company continues to receive enquiries from parties wishing to view our drilling data. The Hawks Nest 9 and Lady Julie projects continue to add additional mineralisation towards our planned resource.”
For further information please visit: https://magres.com.au/
