Australia's Magnum Mining plunges to record low on discounted capital raise

Magnum Mining and Exploration

05/02/2025 04:57

** Magnum Mining and Exploration  MGU.AX  plummets 40% to
record low of A$0.006
    ** Iron ore concentrate and green pig iron producer says it
will raise A$1.9 mln ($1.2 mln) at A$0.0006
    ** Issue price represents a 40% discount to stock's last
close
    ** About 11.9 mln shares traded, 13.2x the 30-day avg, in
stock's busiest session since May 13, 2024
    ** MGU down 33.3% YTD

($1 = A$1.6005)

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)
 ((Jasmeenaraislam.shaikh@thomsonreuters.com))