tiprankstipranks
Trending News
More News >
Advertisement
Advertisement

Magnetite Mines Raises $3.87 Million Through Rights Issue and Follow-on Placement

Story Highlights
Magnetite Mines Raises $3.87 Million Through Rights Issue and Follow-on Placement

Elevate Your Investing Strategy:

  • Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

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.

Disclaimer & DisclosureReport an Issue

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App
1