Magnetite Mines Limited (ASX: MGT) announced that it is undertaking a 1 for 5 renounceable rights issue at 2.5 cents per share to raise up to ~AU$15.8 million before costs. For every 2 new shares subscribed, the qualified shareholder will get 1 free new option with an exercise price of 5 cents expiring 12 months from issue.
The proceeds from this Rights Issue would help the Company to complete the Definitive-Feasibility Study for it’s flagship Razorback Iron Ore Project as well as to progress discussions with project financiers.
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