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Reefton changes name before exploring for Namibian diamonds
THE AUSTRALIAN company, Reefton Mining Corporation, has changed its name to Magna Mining.
The company announced that the change of name was approved by shareholders at a general meeting held on January 22 2007. On the Australian Stock Exchange, where the company is listed, it would now trade under the new code of 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 by way of private placement. SA Capital Pty. Ltd will receive an underwriting of six per cent of funds raised.
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