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Magnetite Mines Limited ( (AU:MGT) ) just unveiled an announcement.
Magnetite Mines Limited has announced a supplementary prospectus detailing a pro rata renounceable rights issue to raise up to $2.65 million, with Mahe Capital increasing its underwriting commitment to $2 million. Additionally, the company identified near-surface, clay-hosted rare earth element mineralization at its Ironback Hill Project, adjacent to the Razorback Project, which may impact its operations and industry positioning by potentially expanding its resource base.
More about Magnetite Mines Limited
Magnetite Mines Limited operates in the mining industry, focusing on the exploration and development of magnetite iron ore projects. The company is primarily engaged in the Razorback Project, with a market focus on iron ore and potential rare earth elements.
Average Trading Volume: 164,167
Technical Sentiment Signal: Sell
Current Market Cap: A$8.7M
Learn more about MGT stock on TipRanks’ Stock Analysis page.