Australia's Magnetite Mines slips on discounted capital raising

Magnetite Mines

08/08/2025 04:27

** Shares of Magnetite Mines MGT.AX drop as much as 9.2% to A$0.079, their lowest level since July 11

** Stock marks its biggest intraday pct loss since June 24

** The diversified miner says it will raise up to A$2.65 million  ($1.73 million) via rights issue

** Issue price of A$0.065 per share, a 25% discount to co's last close

** Funds to be used to complete South Australia's Razorback Iron Ore Project's definitive feasibility study, others

** About 708,651 shares change hands, 6.9x the 30-day average

** YTD, stock down 31.7%, including day's move

($1 = 1.5344 Australian dollars)

 (Reporting by Ananya Verma in Bengaluru)

 ((ananya.verma@thomsonreuters.com))