Australia's Magnum Gas & Power to Raise $1.35 mn for Botswana CBM Projects

Magnum Gas & Power has announced a 1:6 non-renounceable entitlement issue at $0.01, which will raise up to $1.34 million.

The company plans to allocate the funds to advance its CBM projects in Botswana.

Magnum has secured a significant portfolio of Botswana prospecting licences over acreage that is prospective for CBM. The portfolio has been focused on the strategic areas of two prospective basins within the vast Kalahari Karoo basin, the Northern Project area being in the Nata region over the Ngwasha Basin and the Central Project area being over the Mmashoro Basin. 

These are located within the overall central Kalahari Karoo basin.

Most recently Magnam has been reviewing the integration of data from its exploration program on the Central CBM project area.