Shaw and Partners was pleased to be appointed Joint Lead Manager to the equity raising by Magnetic Resources NL (ASX:MAU).

The Company raised A$35 million by way of a single tranche placement of new ordinary fully paid shares issued at A$1.30. The offer price reflected a 5.1% discount to the last traded price, 10.3% discount to the 5-day VWAP and 13.6% discount to the 10-day VWAP.

Proceeds of the capital raise will be used to fund infill and extensional drilling, key management, personnel and contractor hire and associated costs, feasibility study optimisation, early site works, balance sheet flexibility to order long lead items, and working capital.

Magnetic is advancing its 100% owned Lady Julie Gold Project (comprising a portfolio of high-grade, shallow deposits) located in close proximity to existing infrastructure and mining operations in the Laverton, Western Australia gold region. The Lady Julie Gold Project is host to a maiden Mining Reserve of 18Mt at 1.7g/t Au for 997koz.

This offer was available to Wholesale investors only (as that term is defined in the Corporations Act). Shaw and Partners Limited acted as Joint Lead Manager in relation to the offer and received fees for that service.

For more information, please contact your Shaw and Partners adviser.