Magnetite Mines raising up to $4.1 million to fund Razorback Project [Video]

Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson joins Proactive’s Tylah Tully to discuss its renounceable rights issue, offering eligible shareholders the opportunity to purchase one new share for every five held at a price of $0.20 per share.

This initiative aims to raise approximately $4.1 million before costs with funds intended to support the future development of the Razorback Iron Ore Project in South Australia, specifically targeting the completion of the project’s definitive feasibility study (DFS) and securing necessary Mining Lease approvals.

This rights issue follows a previous fundraising effort in July 2024, where the company raised $1.17 million from existing shareholders. Those shareholders are now eligible to receive one free option for every share purchased as a gesture of recognition for their support.

The company sees the importance of strengthening its balance sheet to attract strategic partners and secure regulatory approvals for the Razorback project.

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