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.
|
| Issue: | Ordinary shares
|
| Amount: | A$16 million
|
| Shares: | 50 million
|
| Price: | A$0.32
|
| Warrants: | No
|
| Investor: | Anglo American
|
| Pricing date: | April 22
|
| Stock symbol: | Australia: MMB
|
| Stock price: | A$0.42 at close April 22
|
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