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An announcement from Magnetite Mines Limited ( (AU:MGT) ) is now available.
Magnetite Mines has launched a renounceable pro-rata rights issue to raise up to approximately $3.92 million before costs, offering one new share for every two held at $0.040 per share, with one free attaching option for each new share, and a shortfall offer for shareholders who take up their full entitlement. The partially underwritten raising, with proceeds earmarked for working capital, accelerated exploration across its critical minerals tenements, advancing a strategic partner transaction to fund the Razorback Definitive Feasibility Study and progressing the Razorback Mining Lease Proposal and related enabling infrastructure negotiations, is available only to eligible shareholders in Australia and New Zealand, with option holders required to exercise vested options before the record date to participate.
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 an ASX-listed resources company focused on developing iron ore and critical minerals projects in South Australia. The company holds substantial tenements targeting rare earth elements, gold, silver, copper and other critical minerals, alongside its flagship Razorback iron ore project, which has been granted Australian Government Major Project Status.
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.