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The latest update is out from Magnetite Mines Limited ( (AU:MGT) ).
Magnetite Mines Limited has successfully closed its rights issue, raising $2.65 million, with strong support from shareholders and new investors, indicating confidence in the company’s Razorback Iron Ore Project. To address excess demand, the company will conduct a follow-on placement to raise an additional $1.214 million, bringing the total funds raised to approximately $3.87 million. These funds will support the company’s strategic initiatives, including securing DFS funding, advancing technical optimization, and exploring its tenement portfolio.
More about Magnetite Mines Limited
Magnetite Mines Limited is a company operating in the mining industry, focusing on the exploration and development of iron ore projects. Its primary project is the Razorback Iron Ore Project, and the company is also involved in exploring its tenement portfolio for gold and critical minerals.
Average Trading Volume: 439,418
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$13.89M
Find detailed analytics on MGT stock on TipRanks’ Stock Analysis page.