Ann: Magmatic raises $5m for drilling Copper-Gold targets, page-3

Looked to raise up to $4M.

Raised exactly $5M (meaning that bids received were higher than $5M and $5M was cut-off used) - so, strong demand, but at 12c, or anywhere around here, it's super cheap.

Should see some new faces/investors pop up after this one.

As previously said, I'm not too thrilled that newcomers can jump onboard at 12c, but I guess I (and anyone else) can get some close to (if not at) CR price too.

I was buying recently anyway, on market at 15c-16c and will get a few more as they have a lot of drilling lined up and should go alright with all the drilling and results lined up.

At cr price we have:
MC: $26M
Cash: $7.5M
EV: $18.5M

Super cheap when compared to peers, current market conditions (copper flying and gold not far off highs and about to turn up), and the potential of the projects and the guys running it who have done it before in the immediate area.

Now with $7.5M cash, they will expand and accelerate the drilling programs so we'll get a lot more drilling from Wellington North and Myall and they'll get into the Parkes project too.

See how it goes once all shares are out and newsflow starts pumping out, starting with Kingswood and SLR DD results.

Cheers,

GB.