Magnetic Resources Raises $3M to Feather Hawks Nest

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) has received binding applications for approximately $3 million via a placement of approximately 4.84 million new shares at 62 cents per share.

Magnetic Resources indicated the funds raised will be predominately used at the company’s Hawks Nest 9 project for additional drilling, metallurgical work, resource and scoping studies to advance the company’s gold projects.

“The past 12 months have seen the company define additional mineralisation both at depth and along strike at the Hawks Nest 9 project, with the company of the belief that additional drilling will result in a JORC resource being declared,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“These funds will allow the company to undertake metallurgical and resource definition work with the view to initiating pre-feasibility studies later in the year.”