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An announcement from Magnetite Mines Limited ( (AU:MGT) ) is now available.
Magnetite Mines Limited has opened a pro rata 1-for-2 renounceable rights issue with 1-for-1 attaching options to raise up to $3.92 million, partially underwritten to $0.8 million by Mahe Capital. All directors intend to participate, and eligible shareholders in Australia and New Zealand can apply electronically, with entitlements also tradeable on ASX until 18 March 2026 under code MGTRH.
Each new share is priced at 4 cents and comes with a free option exercisable at 8 cents with a 2.5-year term, and the company plans to seek ASX quotation for these options on a deferred settlement basis from 2 April 2026. The options have indicative values under the Black–Scholes model, highlighting additional potential value for participants and reinforcing the company’s focus on securing funding via a shareholder-supported capital structure.
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 ASX-listed resources company focused on iron ore, specifically magnetite projects in Australia. The company targets investors in the mining and resources sector, offering exposure to iron ore development and related capital-raising initiatives on the Australian Securities Exchange.
Average Trading Volume: 572,923
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$12.35M
For an in-depth examination of MGT stock, go to TipRanks’ Overview page.