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Magnetite Mines Limited ( (AU:MGT) ) just unveiled an announcement.
Magnetite Mines Limited has initiated a renounceable rights issue to raise approximately $2.65 million, offering shareholders the opportunity to purchase new shares at a discount. The company has secured increased underwriting support from Mahe Capital Pty Ltd, reflecting confidence in its growth prospects, particularly following the discovery of rare earth mineralisation at its Ironback Hill Project.
More about Magnetite Mines Limited
Magnetite Mines Ltd is an ASX-listed company that focuses on developing magnetite iron ore resources in South Australia’s Braemar iron region. The company owns a significant mineral resource of 6.6 billion tonnes of iron ore and is advancing the Razorback Iron Ore Project to supply high-value Direct Reduction grade concentrates, catering to the growing demand for premium iron ore products driven by the decarbonisation of the iron and steel sector.
Average Trading Volume: 164,167
Technical Sentiment Signal: Sell
Current Market Cap: A$8.7M
For a thorough assessment of MGT stock, go to TipRanks’ Stock Analysis page.