Australia's Magnum Mining And Exploration drops on discounted placement

Magnum Mining and Exploration

15/09/2023 02:05

** Shares of Magnum Mining And Exploration Ltd  MGU.AX  fall
as much as 15.4% to A$0.033, on track for their worst day since
Aug 18, if losses hold 
    ** The iron ore producer raises A$2.7 mln ($1.74 mln) via a
placement at A$0.033 per share
    ** Issue price is a 15.4% discount to stock's last close 
    ** Says funds from placement will be used to accelerate
development of co's Buena Vista Iron project    
    ** Co's shares hit lowest level since Sept 4
    ** MGU up 85.7% YTD, as of last close 
   
   ($1 = 1.5511 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))