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Magnetite Mines Announces Major Rights Issue
Company Announcements

Magnetite Mines Announces Major Rights Issue

Magnetite Mines Limited (AU:MGT) has released an update.

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Magnetite Mines Limited is set to raise $4.1 million through a renounceable pro-rata rights issue, offering existing shareholders the option to purchase additional shares and accompanying options. The offer is underwritten to the tune of $2 million by Mahe Capital Pty Ltd and is intended to fund strategic partnerships, a Mining Lease Proposal application, and general working capital. Eligible shareholders in Australia and New Zealand must exercise their options before the record date of September 6, 2024, to participate.

For further insights into AU:MGT stock, check out TipRanks’ Stock Analysis page.

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