West Australian gold explorer Magnetic Resources was asking investors for an equity injection on Monday morning, while Jefferies runs a strategic review to drum up ownership options for the business.
West Australian gold explorer Magnetic Resources was asking investors for an equity injection on Monday morning, whileMagentic Resources has a 261 square kilometres tenement in Laverton, WA.The company’s got a $279 million market capitalisation, but it was only looking for up to $2 million, offering shares at $1.05 a pop or a 9.5 per cent discount to the last close.
Magnetic Resources has used Morgans as its broker for past equity raises but was doing this one itself and calling for bids by close-of-business on Tuesday. Potential investors were told the money was for work at its Laverton gold projects. It hired investment bank Jefferies in January for a strategic review, with all options on the table including a complete sale, offloading assets, a merger, a new strategic shareholder or just a raise or a downstream processing joint venture.
But the review’s trundled along as the company waited to post its resources estimate, which it finally did on June 27 saying it estimated 511,000ounces to 538,000 ounces of gold, almost half of which it said was located writes on technology, internet culture, cryptocurrencies and software from our Sydney newsroom. She has previously covered global capital markets and economics.
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