Magnetite Mines Limited launches AU$4.1 million Renounceable Rights Issue

Magnetite Mines Limited (ASX: MGT) has announced a renounceable rights issue aiming to raise to AU$4.1 million. The offer is structured as a 1 5 rights issue, with shares priced at AU$0.20 each, reflecting a 13% discount to the last closing price of AU$0.23 and a 20% discount to the 15-day VWAP of AU$0.25. Shareholders will receive one free attaching option for each new share subscribed, with options priced at AU$0.30 and a three-year term.

The rights Issue is renounceable, allowing shareholders to trade their rights starting September 5, 2024, and apply for additional shares from any shortfall. Funds raised will support working capital for the Razorback Iron Ore Project’s Definitive Feasibility Study and Mining Lease Proposal. Directors and management have committed AU$242,000 to this offer, continuing their support for the project’s development.

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