On 12 February 2020, Magmatic Resources Limited (ASX: MAG) notified the market that it will raise a capital of $5 million via placement from institutional and sophisticated investors. The company has received binding commitments for the same.
This funding will allow MAG to expedite exploration activities at its Lady Ilse gold-copper porphyry prospect. The drilling process at Lady Ilse is expected to start in late March 2020.
The placement to raise $5 million (before costs) comprises the issue of 16,666,667 shares at a price of $0.30. The settlement is anticipated to happen on 20 February 2020.