Magnetite Mines Limited (AU:MGT) has released an update.
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Magnetite Mines Limited has announced a pro rata renounceable rights issue aimed at raising $4.1 million, offering shareholders one new share at $0.20 each for every five held, along with an option for each new share subscribed. The rights issue, open from September 11 to September 25, 2024, is partially underwritten by Mahe Capital Pty Ltd up to $2 million and is intended to fund a mining lease proposal and provide working capital. Unfortunately, shareholders outside Australia and New Zealand, or those in the US, are ineligible to participate but can have their rights sold on their behalf by the underwriter.
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