Reefton changes name to Magna

AUSTRALIA’S Reefton Mining corporation has changed its name to Magna Mining, effective from last week.

The company announced on Monday that the change of name was approved by shareholders at a general meeting of the company held on January 22 2007. On the Australian Stock Exchange (ASX), where the company is listed, it would now trade under the new code MAN.Magna is actively exploring for diamonds, mineral sands and base metals within significant projects in Namibia.The company’s core project is the Skeleton coast diamond project, which consists of four exclusive prospecting licenses that cover a total of 310 km of diamond bearing beaches of Namibia’s Skeleton Coast.In a separate statement, Magna Mining NL reported that the company has carried out an underwriting agreement with SA Capital Pty.Ltd to raise A$1,4 million (less costs of issue) by way of private placement.SA Capital Pty.Ltd will receive an underwriting of six per cent of funds raised.The purpose of the 50 million ordinary shares issued at 2,8 cents per share is to fund ongoing working capital requirements of existing projects, fund the evaluation and acquisition of new opportunities, fund the corporate and administrative activities of the company and meet the costs of issue.NampaOn the Australian Stock Exchange (ASX), where the company is listed, it would now trade under the new code MAN.Magna is actively exploring for diamonds, mineral sands and base metals within significant projects in Namibia.The company’s core project is the Skeleton coast diamond project, which consists of four exclusive prospecting licenses that cover a total of 310 km of diamond bearing beaches of Namibia’s Skeleton Coast.In a separate statement, Magna Mining NL reported that the company has carried out an underwriting agreement with SA Capital Pty.Ltd to raise A$1,4 million (less costs of issue) by way of private placement.SA Capital Pty.Ltd will receive an underwriting of six per cent of funds raised.The purpose of the 50 million ordinary shares issued at 2,8 cents per share is to fund ongoing working capital requirements of existing projects, fund the evaluation and acquisition of new opportunities, fund the corporate and administrative activities of the company and meet the costs of issue.Nampa