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Magnetite Mines Limited ( (AU:MGT) ) just unveiled an announcement.
Magnetite Mines Limited has announced a pro rata renounceable rights issue, offering up to 40,852,578 options to acquire fully paid ordinary shares, subject to ASX approval. These options, exercisable at $0.12 each, are intended for eligible shareholders and will expire 30 months after issuance. The company targets investors with a medium to long-term outlook, emphasizing the potential for increased shareholding and exposure to future share value appreciation, although no guarantees are provided. The initiative aims to strengthen the company’s financial positioning and attract investors interested in the mining sector.
More about Magnetite Mines Limited
Magnetite Mines Limited is a company operating in the exploration and mining industry, primarily focusing on the development and production of magnetite iron ore. The company is listed on the Australian Securities Exchange (ASX) and aims to provide investment opportunities in small cap exploration and mining projects.
Average Trading Volume: 118,062
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$10.79M
For an in-depth examination of MGT stock, go to TipRanks’ Overview page.