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Magnetite Mines Limited ( (AU:MGT) ) has shared an update.
Magnetite Mines Limited has successfully closed a pro rata renounceable rights issue, raising $2.65 million, and due to excess demand, has announced a follow-on placement to raise an additional $1.214 million. This brings the total funds raised to approximately $3.87 million before costs, enhancing the company’s financial position and potentially strengthening its market presence.
More about Magnetite Mines Limited
Magnetite Mines Limited operates in the mining industry, focusing on the extraction and processing of magnetite iron ore. The company is engaged in developing its iron ore resources to meet the demands of the steel production market.
Average Trading Volume: 439,418
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$13.89M
For an in-depth examination of MGT stock, go to TipRanks’ Overview page.