Australia's Magnetite Mines hits over 4-year low on discounted rights issue

Magnetite Mines

03/09/2024 01:35

** Shares of Magnetite Mines  MGT.AX  fall as much as 13% to
A$0.200, their lowest level since Aug. 10, 2020     
    ** Miner announces a rights issue to raise up to A$4.1
million ($2.78 million)
    ** Issue price of A$0.20 per share at a 13% discount to the
stock's last close
    ** Funds raised to be used for submission of Razorback Iron
Ore Project mining lease proposal, among others - co
    ** Stock set for worst day since June 24, 2024, if losses
hold    
    ** MGT down 25.6% YTD as of last close

($1 = 1.4728 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))