By Susanna Moon
Chicago, June 21 - Magma Metals Ltd. will raise $6.08 million in a two-tranche private placement of stock.
The company will place 16 million shares for $0.38 each mostly to clients of Southern Cross Equities.
The first tranche of 4.8 million shares for proceeds of $1.8 million is issued according to the company's right to place up to 15% of its capital within a 12-month period without shareholder approval. This tranche is expected to settle next week.
The second tranche of 11.2 million shares is subject to shareholder approval, which will be sought at a shareholders' meeting in late July.
Proceeds will be used for drilling and exploration projects, particularly in the Thunder Bay North and Roe projects.
Magma is a mining and exploration company based in Perth, Australia.
Issuer Magma Metals Ltd.
| Issue: | Stock
|
| Amount: | A$6.08 million
|
| Shares: | 16 million
|
| Price: | $0.38
|
| Warrants: | No
|
| Investors: | Mostly clients of Southern Cross Equities
|
| Announcement date: | June 21
|
| Stock symbol: | Australia: MMB
|
| Stock price: | A$0.44 at close June 21
|
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