Magnetic Resources NL (ASX:MAU) A$1.26m Placement At 45 Cents Acquired By New Private International Investor
Magnetic Resources NL (ASX:MAU) A$1.26m Placement At 45 Cents Acquired By New Private International Investor
Perth, July 21, 2010 AEST (ABN Newswire) - Magnetic Resources NL (ASX:MAU) is pleased to advise that Singapore-based private investor, Mr Hian-Siang Chan, has acquired a 5.63% interest in the Company following a private placement of 2,800,000 fully paid ordinary shares at 45 cents per share together with an off-market purchase of 1,000,000 fully paid ordinary shares from Image Resources NL at the same price. Image (ASX:IMA) (PINK:IMREF) is also pleased to have assisted in establishing Mr Chan as a significant shareholder in Magnetic.

Mr Chan is an entrepreneur and Chief Executive Officer of SP Chemical Holdings Ltd. He has active interests in manufacturing, property and investment markets spread throughout Singapore, China and Malaysia.

His specific targeting of this investment in Magnetic indicates that his welcomed involvement as an investor demonstrates confidence in the prospects of the Company.

About Magnetic Resources Nl

Magnetic Resources NL (ASX:MAU) is an Australia-based company. During the fiscal year ended June 30, 2008 (fiscal 2008), the principal activities of the Company were the exploration of mineral tenements in Western Australia. The Company was incorporated to explore for mineral resources on the package of tenements prospective for gold, nickel and uranium and covering some 6,704 square kilometers of unexplored or underexplored targets, which includes 330 kilometers of interpreted, under-explored greenstone belts. The operations of the Company include Dragon Rocks, Mt Vernon, Dampling Spring, Koonadgin, Rock Dam Hill, Nungarin, Harris, Tampia North and Binti Bore.



George Sakalidis
Managing Director
Tel: +61-8-9226-1777
Mob: +61-411-640-337

Roger Thomson
Technical Director
Tel: +61-8-9226-1777
Mob: +61-419-969-183

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Magnetic Resources Nl       
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