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Magnetite Mines Limited ( (AU:MGT) ) has provided an announcement.
Magnetite Mines Limited has announced a proposed renounceable pro rata issue of up to 98,017,838 ordinary fully paid shares, each accompanied by an option to acquire one share at an exercise price of $0.08 expiring 2.5 years from issue. The offer has a record date of 6 March 2026, closes on 25 March 2026, and the new securities are scheduled to be issued on 1 April 2026.
In addition to the pro rata offer, the company plans a separate placement or other type of issue of up to 3,920,714 options on the same terms, also targeted for issue on 1 April 2026. The proposed capital raising is designed to expand Magnetite Mines’ equity base and may provide additional funding flexibility to support its iron ore project development and strengthen its market position among emerging magnetite producers.
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 Australian resources company listed on the ASX under the code MGT. The company is focused on the exploration and development of magnetite iron ore assets, positioning itself within the broader mining and raw materials sector that supplies iron ore for steel production markets.
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.