- Magnetic Resources (MAU) begins the week in a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until Wednesday, July 13, or when more details are released to the market, whichever occurs first
- On June 27, Magnetic Resources released a maiden mineral resource estimate (MRE) for its deposits in the Laverton and Homeward Bound area
- The combined indicated and inferred MRE reads 13.1 million tonnes at 1.22 g/t gold totalling 511,000 ounces of gold
- Shares in Magnetic Resources last traded at $1.17 on July 8
Magnetic Resources (MAU) has begun the week in a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until Wednesday, July 13, or when more details are released to the market, whichever occurs first.
Magnetic Resources is yet to disclose how much it intends to raise or what it will use the funds for once received.
On June 27, Magnetic Resources released a maiden mineral resource estimate (MRE) for its deposits in the Laverton and Homeward Bound area.
The combined indicated and inferred MRE reads 13.1 million tonnes at 1.22 g/t gold totalling 511,000 ounces of gold.
The majority of the resource tonnes are shallow with 49 per cent within 50 metres of surface and 87 per cent within 100 metres of surface.
Furthermore, an exploration target of 2.6 to 3.6 million tonnes at 0.94 g/t gold to 1.2 g/t gold for 109,000 to 135,000 ounces.
Magnetic Resources last tapped investors for cash in November 2021 when it raised roughly $1.02 million for drilling and scoping studies at the Hawks Nest 9 and Lady Julie projects.
The funds were raised through the issue of 710,000 shares to participants at a price of $1.42 each – a 10 per cent discount to the 15-day volume-weighted average price.
Shares in Magnetic Resources last traded at $1.17 on July 8. The company has a $261.5 million market cap.