Magnetite Mines Announces Major Rights Issue

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

Magnetite Mines Limited is set to raise $4.1 million through a renounceable pro-rata rights issue, offering existing shareholders the option to purchase additional shares and accompanying options. The offer is underwritten to the tune of $2 million by Mahe Capital Pty Ltd and is intended to fund strategic partnerships, a Mining Lease Proposal application, and general working capital. Eligible shareholders in Australia and New Zealand must exercise their options before the record date of September 6, 2024, to participate.

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