By Devika Patel
Knoxville, Tenn., April 22 - Magma Metals Ltd. announced that it plans a A$16 million private placement of shares. It said the deal is substantially oversubscribed.
The company plans to sell 50 million shares at A$0.32 each.
Anglo American will participate in the placement, maintaining its 12% interest.
The placement will be completed in two tranches, with an initial 15 million shares sold for A$4.8 million next week. The remaining 35 million shares will be issued after obtaining shareholder approval, which is expected to occur at a general meeting in late May.
Proceeds will be used to advance the Thunder Bay North Platinum - Palladium project in Canada.
Magma is a mining and exploration company based in Perth, Australia.
Issuer: | Magma Metals Ltd.
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Issue: | Ordinary shares
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Amount: | A$16 million
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Shares: | 50 million
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Price: | A$0.32
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Warrants: | No
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Investor: | Anglo American
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Pricing date: | April 22
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Stock symbol: | Australia: MMB
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Stock price: | A$0.42 at close April 22
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