Magnetic Resources (ASX: MAU) has appointed ex-Fortescue Metals Group executive Gavin Fletcher as an executive director and Ben Donovan as its company secretary. It has also received the first placement tranche of $400,000 under the Share Subscription Agreement from the group of experienced iron ore industry executives led by Fletcher and John Blanning, former vice president mining for African Minerals. Besides offering to work on the Ragged Rock Project, the group also committed to a A$1 million investment.
