IPO underwritten by Paterson Securities and offering 1 Loyalty Option for every two shares subscribed under the IPO.
Magmatic Resources Limited (ASX: MAG) is a gold and copper exploration company with a focus on exploring its multiple gold targets that are near surface/outcropping and have open pit potential, while advancing and developing its copper/gold porphyry projects with strategic joint venture (JV) partners. The Company’s extensive 869km2+ tenement holding in the historic East Lachlan Fold Belt contains over 40 prospective targets, several of which are drill ready and have existing open mineralised intersections. East Lachlan is Australia’s largest coper-gold porphyry and 2nd largest gold region, with Australia’s largest gold mine, Cadia Valley.
Magmatic Resources is seeking to raise $4 million via the IPO, which is conditionally underwritten by Patersons Securities. They are also offering 1 Loyalty Option for every two shares subscribed under the IPO. Each Option is exercisable at $0.30 with a 36 month expiry period from the date of admission to the ASX. The Loyalty Options are subject to a vesting condition that the Loyalty Option holder holds shares on the date that is 6 weeks following the commencement of trading.
Magmatic’s four Projects – Myall, Parkes, Wellington North and Moorefield – are all located in the highly prospective East Lachlan region of NSW. These Projects are held by its wholly owned subsidiary, Modeling Resources Pty Ltd and were acquired from Gold Fields, a subsidiary of Gold Fields Ltd, the world’s 7th largest gold producer, together with its fully equipped exploration office in Orange. Gold Fields still maintains an interest in the Projects via its 20% shareholding in Magmatic.
The Company has agreed a JV with Japan Oil Gas Metals National Corporation (JOGMEC), the Japanese government agency in charge of global resource exploration, on its Parkes Project. The JV grants JOGMEC the exclusive option to earn a 51% participating interest through funding a cumulative $3 million of exploration work on the Parkes Project.
Before making your investment decision, the Company and its Board urge you to read the Prospectus in its entirety, and in particular, Section 4 which identifies circumstances that the Board regards as major investment risks and to seek professional advice if required.
Section 734(6) disclosure: The issuer of the securities is Magmatic Resources Limited ACN 615 598 322. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).
OnMarket has a limited allocation. The offer close and the "Pay By" dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile or investor name may be cancelled.
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