Magnesium International Limited (MIL) announced today that it has entered into a financial agreement with European investors that meant it could meet its current working capital requirements. The company advised that under the arrangement, it would receive $2.31 million through the issuance of 33 million shares at a price of 7c per share.
Magnesium International said that the money would be used to progress the development of the bankable feasibility study for its magnesium smelter project and to assess the suitability of several potential sources of magnesite feedstock.
It said it was in the final stage of the bankable feasibility study to construct an 88,000 tpy magnesium smelter to supply the rapidly growing demand for premium grade magnesium and magnesium alloy qualified for use in automotive industry applications.
"All output from this smelter will be sold under an offtake agreement to ThyssenKrupp Metallurgie" Magnesium International concluded.
At 1150 AEST Magnesium International climbed 0.2c to 7.1c.
Magnesium International Limited (MIL) announced today that it has entered into a financial agreement with European investors that meant it could meet its current working capital requirements. The company advised that under the arrangement, it would receive $2.31 million through the issuance of 33 million shares at a price of 7c per share.
Magnesium International said that the money would be used to progress the development of the bankable feasibility study for its magnesium smelter project and to assess the suitability of several potential sources of magnesite feedstock.
It said it was in the final stage of the bankable feasibility study to construct an 88,000 tpy magnesium smelter to supply the rapidly growing demand for premium grade magnesium and magnesium alloy qualified for use in automotive industry applications.
"All output from this smelter will be sold under an offtake agreement to ThyssenKrupp Metallurgie" Magnesium International concluded.
At 1150 AEST Magnesium International climbed 0.2c to 7.1c.
