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Magnetite Mines Limited ( (AU:MGT) ) has shared an update.
Magnetite Mines Limited has issued a Cleansing Notice related to its Convertible Securities Agreements, allowing the conversion of notes into shares without further disclosure to retail investors. This move, involving a funding arrangement with C/M Capital, aims to raise up to $7 million, enhancing the company’s financial flexibility and potentially impacting its market position by facilitating further project development.
More about Magnetite Mines Limited
Magnetite Mines Limited operates in the mining industry, focusing on the extraction and development of magnetite iron ore resources. The company is primarily engaged in advancing its projects to produce high-grade iron ore concentrates for the global steel industry.
Average Trading Volume: 109,347
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$12.1M
For a thorough assessment of MGT stock, go to TipRanks’ Stock Analysis page.