Magnum Mining (ASX:MGU) Launches $1.94M Entitlement Offer
Entitlement Offer
Magnum Mining and Exploration Limited (ASX:MGU) has initiated a pro-rata non-renounceable entitlement issue, offering two shares for every five held at $0.006 per share, aiming to raise up to $1,942,467.
Use of Funds
The proceeds will be allocated to exploration and development of the Palmares and Buena Vista projects, working capital, and offer-related expenses.
Lead Manager
Indian Ocean Securities Pty Ltd has been appointed as the lead manager, receiving a 6% fee of the gross proceeds and 20,000,000 listed options.
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