Australian exploration company Magma Metals is investing $16 million in its Thunder Bay North project in northwestern Ontario.
The Perth, Australia company is using the money to "rapidly advance" its platinum-palladium project there, considered its flagship property.
The company has reached an in-principle agreement with Hartleys Limited, to act as its corporate advisor and lead manager. Up to 50 million ordinary shares at an issue price of 32 cents will be issued to domestic and international clients of Hartleys.
The company said the placement was substantially oversubscribed.
The nickel, copper, base metals property, with claims covering 350 square kilometres, is 50 km northeast of Thunder Bay.
Upcoming exploration activity includes definition drilling, an initial resource estimate and step-out drilling to extend the resource to the southeast.
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