* Rights issue closes raising $15.8 million as targeted
* Strong support from shareholders, directors, and new investors - a vote of confidence in the Razorback High Grade Iron Ore Project
* The Company now funded to complete technical investigations and engineering for the Definitive Feasibility Study (DFS) and to advance discussions with project financiers
* Critical work planned includes DFS process plant design, additional metallurgical and water drilling, geotechnical investigations and advancing permitting and approvals.
Magnetite Mines Limited (ASX: MGT) (Company) is pleased to advise that the renounceable pro-rata rights issue to eligible shareholders announced to the ASX on 19 April 2022 (Rights Issue) closed on Friday, 13 May 2022, raising $15.8 million (before costs) as targeted.
The total amount raised is $15,798,734 (before costs). The Company will issue 631,949,376 new fully paid ordinary shares (Shares) and 315,974,688 new options exercisable at $0.05 and expiring on 20 May 2023 (Options). The Options will be listed on the ASX and have the ASX code MGTOE.
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