Magnetite Mines Limited (AU:MGT) has released an update.
Magnetite Mines Limited is inviting its shareholders to participate in a capital-raising Entitlement Offer to secure approximately $5 million, offering new shares at a discounted rate, with the aim of funding its Razorback Iron Ore Project designed to produce magnetite concentrates for green steel production. The offer is aligned with increased demand for premium-quality iron ore and the company’s active engagement in government initiatives and strategic partnerships to establish a green iron industry in Australia. Shareholders can apply for this offer until the 12th of July, 2024.
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