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Magmatic delays ASX debut

Australian copper-gold explorer Magmatic Resources Ltd. has extended the deadline of its planned ASX debut to May 3.

The company had originally been planning to list March 24 following an IPO to raise A$4.0 million to A$6.0 million that was set to close March 10.

However, according to a new prospectus filed with the Australian Securities and Investments Commission March 24, Magmatic now has a set target of A$4.0 million and appears to have dropped its plans to accept oversubscriptions to raise a further A$2.0 million.

The IPO will open April 3 and close April 21.

The company holds seven exploration licenses covering 869 square kilometers in the East Lachlan Fold Belt of New South Wales, Australia, that make up the Myall, Parkes, Wellington North and Moorefield projects.

Magmatic's wholly owned subsidiary Modeling Resources Pty. Ltd. acquired the four projects from Gold Fields Australasia Pty. Ltd. in 2015.