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BUZZ-Australia's Magmatic Resources falls on discounted placement

Reuters
Oct 20
BUZZ-Australia's Magmatic Resources falls on discounted placement

** Shares of Australia's Magmatic Resources MAG.AX slips as much as 13.9% to A$0.062, their biggest intraday fall since August 15

** Gold-copper explorer receives firm commitments to raise A$3 million ($1.95 million) via private placement at an issue price of A$0.061 per share

** Placement price represents a 15.3% discount to co's last close

** Magmatic Resources says major shareholder FMG Resources has increased their shareholding to 19.9% from 18.3%

** Says proceeds to be used to accelerate exploration at the Weebo Gold Project and the East Lachlan Copper Gold Projects

** Around 1.1 mln shares change hands, nearly 1.6x 30-day average

** MAG up 116.7% YTD

($1 = 1.5363 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))

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