Australia's Magnetite Mines falls on discounted capital raise

Magnetite Mines

03/03/2026 04:38

** Shares of Australia's Magnetite Mines MGT.AX fall 18% to A$0.041, set for their worst day since September 5

** Iron ore producer announces a capital raising of up to approximately A$3.92 million ($2.79 million) at an issue price of A$0.04 per share, which represents a 20% discount to last close

** Raise via a 1-for-2 renounceable rights issue wherein every new share subscribed will entitle the holder to one attaching option, with an exercise price of A$0.08 with a term of 2.5 years

** Stock down 22.2% YTD

($1 = 1.4061 Australian dollars)

 (Reporting by Shruti Aagrwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))