Magnum Gas & Power has launched a 1:6 non-renounceable entitlement issue at US$ 0.01, which will raise upwards of US$ 1.34 million in funding. The company will use the funds raised to develop its coalbed methane (CBM) projects in Botswana.
Magnum has a broad portfolio of CBM prospecting licenses in Botswana, focused on two separate project areas: central and northern, which are located within the central Kalahari Karoo Basin.
Magnum has been reviewing the integration of data from its exploration programme on the central CBM project area.
The company is also looking to list on the Botswana stock exchange, and has made an application for the secondary listing.
Written by Sam Dodson