Magnetic Resources NL (ASX:MAU) announced a private placement of 14,285,714 common shares at AUD 0.07 per share with Messrs Gavin Fletcher and John Blanning for gross proceeds of AUD 1,000,000 on March 6, 2013. Investors will invest AUD 400,000 within three days of the mobilization of the drilling rig to the Ragged Rock project. With investment of AUD 400,000, the company will also issue 2,857,143 options exercisable at AUD 0.1499 on or before December 27, 2016 and 1,200,000 ... partly paid shares. Remaining funds will be received in three tranche of AUD 200,000 each at the end of every month commencing two months which will be issued at AUD 0.10 per share or 70% of the VWAP during the 20 trading days before the subscription date provided that this price is no lower than AUD 0.07 per share. A further 1,400,000 options and 600,000 partly paid shares will be issued with each tranche of AUD 200,000. The transaction is expected to close during the period ending February 28, 2014. As a part of the round with initial tranche Messrs Gavin Fletcher will be appointed as an executive director of the company. On March 13, 2013, the company closed the first tranche with proceeds of AUD 540,000. The company issued 7,714,286 shares at AUD 0.07 per share. The shares will be issued to a group of experienced iron ore industry executives and industry professional, headed up by Messrs Blanning and Fletcher. As part of the transaction, the company placed AUD 140,000 of the shares to a group of existing shareholders. The company also issued 2,857,143 options exercisable at AUD 0.1499 on or before December 27, 2016. On March 20, 2013, the company issued 2,000,000 shares for gross proceeds of AUD 140,000 in its second tranche.
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