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Magnetite Mines Limited ( (AU:MGT) ) has provided an announcement.
Magnetite Mines has issued a Target Market Determination for up to 98,017,838 free attaching options over its ordinary shares, to be offered to eligible shareholders who participate in a pro rata renounceable rights issue and associated shortfall offer. Each option is exercisable at $0.08 within 30 months of issue, with the company intending to seek ASX quotation, though this remains subject to exchange approval.
The options are aimed at investors seeking medium to long term exposure to a small cap resources stock, who can tolerate significant share price volatility and the risk of capital loss. Holders may benefit from potential upside by exercising options and increasing their shareholding if the share price exceeds the exercise price, but there is no guaranteed income or capital protection and the commercial viability of exercising will depend on future trading prices.
The most recent analyst rating on (AU:MGT) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Magnetite Mines Limited stock, see the AU:MGT Stock Forecast page.
More about Magnetite Mines Limited
Magnetite Mines Limited is a small-cap exploration resources company listed on the Australian Securities Exchange under ticker MGT. The company focuses on developing exposure to equities linked to magnetite and related resource projects, targeting investors willing to accept higher risk and share price volatility in pursuit of potential long-term upside in the resources sector.
Average Trading Volume: 504,698
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$9.8M
See more insights into MGT stock on TipRanks’ Stock Analysis page.