The Magnum Mining and Exploration Ltd. (ASX: MGU) share price is one of the better performers on the ASX today. This comes after the company announced a successful placement and released its corporate presentation.
During early afternoon trade, the mineral miner’s shares are swapping hands for 17.5 cents, up 12.9%.
Details of the placement
Investors are buying Magnum shares in droves following the company’s two positive releases.
In its first announcement, Magnum advised it has raised $6 million through a private placement. The offer received strong interest from institutional and sophisticated investors, in which the company was forced to scale back applications.
Subject to shareholder approval, the placement will issue 40…