(MENAFN- ProactiveInvestors - Australia) Magnetic Resources (ASX: MAU) has appointed ex-Fortescue Metals Group executive Gavin Fletcher as an executive director and Ben Donovan as its company secretary.
It has also received the first placement tranche of $400,000 under the Share Subscription Agreement from the group of experienced iron ore industry executives led by Fletcher and John Blanning, former vice president mining for African Minerals.
Besides offering to work on the Ragged Rock Project, the group also committed to a A$1 million investment.
Fletcher is a Metallurgist with 16 years' experience in mining in Australia, Africa and Europe, having held positions in iron ore start-ups like U.K. listed African Minerals, Northern Iron and Fortescue Metals Group (ASX: FMG).
Donovan is a member of Chartered Secretaries Australia and provides corporate advisory, IPO and consultancy services to a number of companies, and is currently a Director and Company Secretary of several ASX listed and public unlisted companies.
In addition to the first tranche, Magnetic has also placed $140,000 in shares on the same terms to a group of existing shareholders that have the right to subscribe proportionately to any subsequent placements of ordinary fully paid shares made under the agreement up to a maximum of 35% of those shares placed to the subscribers.
Magnetic will issue 7,714,286 shares at A$0.07 each to the Subscribers and shareholders, and issue a further, 2,857,143 options exercisable at A$0.1499 on or before 27 December 2016 and 1,200,000 partly paid shares to the subscribers.
The 5,714,286 shares and all the options and partly paid shares being issued to the Subscribers will be held under voluntary escrow by the Subscribers for as long as they have the right to subscribe for shares under the Agreement.Â
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