Magnetite Mines Limited.
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Who Supported Magnetite Mines Rights Issue and Helped It Surpass Its Target?
Rights Issue Closes Over Target, Secures $6. 5 Million: Magnetite Mines Limited Sees Strong Support from Shareholders and New Investors
Magnetite Mines Limited (ASX: MGT) announced today the successful closure of its renounceable pro-rata rights issue. The company has exceeded its original target, raising an impressive $6. 5 million in funds.
A Vote of Confidence in MGT and the Razorback Iron Ore Project
The rights issue, which was announced to the Australian Securities Exchange (ASX) on October 26, 2023, received overwhelming support from existing shareholders, directors, and new investors introduced through Mahe Capital Pty Ltd (Mahe Capital). The significant capital injection demonstrates a resounding vote of confidence in both Magnetite Mines Limited (MGT) and its flagship project, the Razorback Iron Ore Project.
Completing and Submitting the Razorback Project Mining Lease Proposal
With the successful closure of the rights issue, Magnetite Mines Limited is now well-funded to complete and submit the Razorback Project Mining Lease Proposal.
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This milestone is crucial in advancing the company's strategic partnering and value engineering work, which will further strengthen MGT's position in the iron ore industry.
Mahe Capital Takes the Lead as Lead Manager and Underwriter
Mahe Capital played a key role in the success of the rights issue, acting as the lead manager and underwriter. Their expertise and support were instrumental in securing additional funds above the original target. Magnetite Mines Limited expresses its gratitude to both existing shareholders and new investors introduced by Mahe Capital for their unwavering support.
New Securities to be Issued Soon
The issuance of the new securities is scheduled for Thursday, November 23, 2023, in accordance with the Prospectus timetable. Following the issuance, the shares and options will commence trading on the ASX on a normal settlement basis starting Friday, November 24, 2023.
This successful rights issue marks a significant milestone for Magnetite Mines Limited, providing the company with the necessary funds to continue advancing the Razorback Iron Ore Project. With strong support from its shareholders and new investors, MGT is poised for success in the competitive iron ore market.
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