MAGNETIC IPO CLOSES HEAVILY OVERSUBSCRIBEDThe directors of Image...

MAGNETIC IPO CLOSES HEAVILY OVERSUBSCRIBED

The directors of Image Resources are pleased to report that the Magnetic Resources NL (proposed ASX code: MAU) initial public offering has raised $5M and closed heavily oversubscribed by a further $5.8M.

Holding statements and notifications will be mailed to
applicants within the next week.
Magnetic Resources was incorporated to explore for gold, nickel and uranium resources on a large and diverse package of tenements in Western Australia identified and acquired by Image Resources.

Upon listing on ASX, Magnetic plans to start a vigorous programme of geochemical sampling, geophysical surveys and drilling to assess this prospective land package. Magnetic’s initial drilling will be focused on nickel sulphide targets outlined by
EM surveys at the Binti Bore prospect situated 80km northeast of Kalgoorlie.

http://sa.iguana2.com/cache/1c11fa744b04522eae2ad540689bbc88/ASX-IMA-355996.pdf