Australia's Magnetite Mines tumbles on discounted placement

Magnetite Mines

26/10/2023 01:37

** Shares of Australia's Magnetite Mines  MGT.AX  fall as
much as 18.5% to A$0.330, on track for worst day since Dec 7,
2022 if losses hold
    ** Iron ore miner says it will raise up to A$6.2 mln ($3.90
mln) via renounceable rights issue
    ** Issue price of A$0.30 per share represents 25.8% discount
to last close 
    ** Stock hits lowest level since Oct 13
    ** Stock down 34.1% YTD, based on last close

($1 = 1.5898 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.GovindRao@thomsonreuters.com;))