12:01 AEST June 21, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) -
Magnetic Resources (ASX: MAU) is pleased to advise that Singapore-based private investor, Mr Choon Kong Lim, has further increased his shareholding in the Company following a placement of 1,111,111 fully paid ordinary shares at 45 cents per share. The placement brings Mr Lim's shareholding in Magnetic to 4.9 million shares representing a 7.6% stake in the Company.
Magnetic is also pleased to have placed 3,333,332 fully paid ordinary shares at 45 cents to six new Singapore-based investors, bringing the total placement to 4,444,443 shares, thereby raising a total of A$2 million.
Mr Lim was a banker for much of his career, prior to becoming the finance director of a major listed company in Singapore. On retiring 15 years ago, he has extended his broad investment portfolio by acquiring Australian hospitality, real estate development and listed securities interests.
Commenting on the transaction, Mr Lim said it was consistent with his long term investment strategy and reflected his faith in the growth potential of the Company.
An Appendix Form 3B will be lodged with ASX today.
About Magnetic Resources Nl:
Magnetic Resources NL (ASX:MAU) is an Australia-based company. During the fiscal year ended June 30, 2008 (fiscal 2008), the principal activities of the Company were the exploration of mineral tenements in Western Australia. The Company was incorporated to explore for mineral resources on the package of tenements prospective for gold, nickel and uranium and covering some 6,704 square kilometers of unexplored or underexplored targets, which includes 330 kilometers of interpreted, under-explored greenstone belts. The operations of the Company include Dragon Rocks, Mt Vernon, Dampling Spring, Koonadgin, Rock Dam Hill, Nungarin, Harris, Tampia North and Binti Bore.
Contact:
Magnetic Resources
Tel: +61-8-9226-1777
Fax: +61-8-9485-2840
Email: info@magres.com.au
www.magres.com.au
