Magnetite Mines launches discounted $3.9m renounceable rights issue

Magnetite Mines Limited ( (AU:MGT) ) has provided an announcement.

Magnetite Mines Limited has launched a renounceable pro-rata rights issue to raise up to approximately $3.92 million before costs, offering eligible shareholders one new share for every two held at $0.04 per share, plus one free attaching option per new share. The offer, partially underwritten to $800,000 by Mahe Capital Pty Ltd, is priced at a discount to recent trading levels, includes tradeable rights on ASX, and is supported by all directors, giving existing investors a discounted, low-cost opportunity to maintain or increase their holdings while bolstering the company’s capital position.

The rights issue is open to shareholders with registered addresses in Australia and New Zealand as at the 6 March 2025 record date and excludes investors in the United States. Eligible shareholders must access the prospectus and personalised entitlement forms online via the Automic investor portal and complete payment electronically, with the offer scheduled to close at 5:00 pm Sydney time on 25 March 2026, reinforcing the company’s shift toward fully digital shareholder communications.

The most recent analyst rating on (AU:MGT) stock is a Hold with a A$0.04 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 Australian resources company focused on the exploration and development of magnetite iron ore assets. The company is listed on the ASX and targets investors in Australia and New Zealand, with its capital management activities aimed at advancing its project pipeline and strengthening its funding base.

Average Trading Volume: 572,923

Technical Sentiment Signal: Strong Sell

Current Market Cap: A$12.35M

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