Magnetite Mines Secures $7 Million Funding for Razorback Project

The latest announcement is out from Magnetite Mines Limited ( (AU:MGT) ).

Magnetite Mines Limited has secured up to $7 million in funding from C/M Capital Partners, LP through unsecured Convertible Notes. The funding will be used for lodging the Razorback Mining Lease Proposal with the South Australian Government and for general working capital, complementing recent cost reductions. This financial backing is seen as pivotal for the company’s flagship project and is expected to enhance its strategic market position, attracting further partnerships.

More about Magnetite Mines Limited

Magnetite Mines Limited is an Australian company involved in the iron ore industry, focusing on the development of high-grade iron ore projects, particularly the Razorback Iron Ore Project in South Australia.

YTD Price Performance: 4.17%

Average Trading Volume: 152,452

Technical Sentiment Consensus Rating: Buy

Current Market Cap: A$14.42M

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