19/05/2017 - 14:21

Magmatic debuts on ASX

19/05/2017 - 14:21

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A new Perth-based gold and copper exploration company has closed flat on its first day of trading on the ASX, after completing a $4 million initial public offering.

Magmatic shares were unchanged at 20 cents each at the close today. Photo: Attila Csaszar

A new Perth-based gold and copper exploration company has closed flat on its first day of trading on the ASX, after completing a $4 million initial public offering.

Magmatic Resources raised $4 million from investors through the issue of 20 million shares at 20 cents each.

At the close of trade today, the Perth company’s shares were worth 20 cents each.

Magmatic joins the ASX with four exploration projects and about 40 prospective targets which it acquired from South African mining giant Gold Fields last year.

The projects are located on the east coast.

Patersons Securities acted as lead manager to the raising, with BDO Corporate Finance acting as investigative accountant and Steinepreis Paganin and Resources Legal as solicitors.

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