RENOUNCEABLE RIGHTS ISSUE TO RAISE UP TO $15.8 MILLION
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1 for 5 Renounceable Rights Issue to raise up to $15.8 million
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Partially underwritten to $5 million by Lead Manager Mahe Capital
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Attractively priced at 2.5 cents per share
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Discount of 39% to the last price of 4.1 cents and 26% to the 30-day VWAP
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With every 2 New Shares, shareholders receive 1 free attaching New Option
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New Options will have Exercise Price of 5 cents, term of 1 year and will be listed
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Shareholders can trade their rights and apply for additional shares and options
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Rights to start trading from 21 April 2022
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Directors intend to participate in full or in part
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Funds to be used to complete the Definitive-Feasibility Study (DFS) for the Company’s flagship Razorback Iron Ore Project and to advance discussions with
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project financiers.
Magnetite Mines Limited (“MGT” or “the Company”) is pleased to announce that it is undertaking a 1 for 5 renounceable rights issue (“Rights Issue”) at 2.5 cents per share to raise up to approximately $15.8 million before costs. For every 2 new shares subscribed, eligible shareholders will receive 1 free attaching new option with an exercise price of 5 cents expiring 12 months from issue. The Company will apply for the quotation of the new options on the ASX.
For more information, download the attached PDF.
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