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News: MAG Magmatic Resources Says Fortescue To Farm-In On Myall & Make Cornerstone Investment

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    08/03/24
    12:40
    Post #: 72812926

    March 8 (Reuters) - Magmatic Resources (MAG) :

    • FORTESCUE TO FARM-IN ON MYALL & MAKE CORNERSTONE INVESTMENT
    • FARM-IN AND JOINT VENTURE AGREEMENT EXECUTED WITH FMG RESOURCES AT MYALL PROJECT
    • FORTESCUE TO SPEND UP TO A$14M OVER 6 YEARS TO EARN UP TO 75% JV INTEREST IN PROJECT
    • CO TO BE OPERATOR DURING INITIAL FARM-IN PERIOD OF UP TO FOUR YEARS
    • FORTESCUE WILL ALSO SUBSCRIBE FOR 75.9 MILLION SHARES IN MAGMATIC RESOURCES
    • PLACEMENT AT PRICE OF A$0.04884 PER SHARE WILL RAISE A$3.71M
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