Australia's Magnetite Mines hits record low on discounted capital raising
BUZZ-Australia's Magnetite Mines hits record low on discounted capital raising ** Shares of Australia's Magnetite Mines MGT.AX slide as much as 17.7% to a record low of A$0.014
** Stock on track for its weakest session since March 3, if current trend holds
** Iron ore developer launches share purchase plan (SPP) to raise about A$1 million ($702,300), with potential top-up placement taking total raising to about A$1.5 million
** SPP priced at A$0.015 per share, an 11.8% discount to the last close of A$0.017 on September 25
** Company says funds will be used to advance the Razorback Iron Ore Project, pursue partnerships and acquisitions, and for working capital
** About 1.1 million shares change hands, about 5.7x the 30-day average
** Stock down about 68.3% YTD
($1 = 1.4239 Australian dollars)
(Reporting by Swetha Lakshmi in Bengaluru)
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