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Magnesium International Raises $2.31m in Capital

May 21 2004

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Magnesium International Limited (MIL) is pleased to announce that it has successfully entered into a financial arrangement with European investors which provides the funds to meet its current working capital requirements. Under the arrangement MIL receives $2.31m through the issuance of 33m shares at an effective price of 7 cents per share.

The funds raised will be used to progress the development of the bankable feasibility study for MIL’s magnesium smelter project and to assess the suitability of several potential sources of magnesite feedstock.

For more information on magnesium, click here.

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