Junior explorer, Magma Metals said it has raised $8.2 million through a placement of 23.54 million shares in order to list on the Toronto Stock Exchange.
Perth-based Magma also announced plans to undertake a secondary listing on the Toronto Stock Exchange later this year, subject to continued positive results from its Thunder Bay North platinum-palladium project.
Magma said it has attracted strong institutional support from North America, Australia and the UK.
The offer comprised one fully-paid ordinary share and one-half of an unlisted option to purchase one fully-paid ordinary share exercisable at 50 cents within two years of issue.
“We believe this is an excellent achievement in a very tough and volatile market for global equities which reflects the quality of our assets and the enormous potential of the Thunder Bay North Platinum – Palladium discovery,” managing director Keith Watkins said.
“Platinum and palladium prices are currently very strong and the outlook for these metals is outstanding reflecting strong demand and potential supply shortfalls from major producers in South Africa,” he said,
Magma Metals is an Australian mineral exploration company with advanced nickel –copper – palladium projects in Western Australia as well as Thunder Bay region in Ontario, Canada.
Magma listed on the Australian Securities Exchange in June 2006.
Shares in MMB fell 11% to 36.5 cents today.
