Magnetite Mines Secures $2.4M for Iron Project

Magnetite Mines Limited (AU:MGT) has released an update.

Magnetite Mines Limited successfully closed a rights issue, raising $2.4 million to advance their Razorback Iron Ore Project and further strategic initiatives. The offering, which issued new shares and options, garnered strong support from directors and management, reflecting confidence in the project’s future. The funds will contribute to finalizing a definitive funding agreement with JFE Shoji Australia Pty Ltd for the project, deemed crucial for establishing a green iron industry in South Australia.

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