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

Magmatic Resources

08/03/2024 01:35

March 8 (Reuters) - Magmatic Resources  MAG.AX :
    * 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

Source text for Eikon:  ID:nASX3QH80L 
Further company coverage:  MAG.AX 

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