Magnetite Mines (ASX:MGT) Rights Issue Closure Announcement

Magnetite Mines Limited (ASX:MGT) successfully closed the 1 for 5 pro rata Renounceable Rights Issue, raising $2.4 million. Mahe Capital Pty Ltd acted as Lead Manager and Underwriter, underwriting $2 million for the funding of the Razorback Iron Ore Project. The Company will issue 12,000,000 new fully paid ordinary shares and 12,000,000 new options exercisable at $0.30, with an expiry date of 2 October 2027.

Magnetite Mines Managing Director Tim Dobson's Statement

On behalf of the Board, I extend our appreciation for the continued support of shareholders that have participated in this Rights Offer, and welcome new investors that have participated in the shortfall facility to date. Yesterday, Magnetite Mines, along with a consortium of major industry partners, made a comprehensive submission to the South Australian Government's 'Green Iron Opportunity' Expression of Interest process. Our submission underscores the requirement for reliable, long-term, DR-grade magnetite concentrate production as the critical and necessary enabler for the creation of a green iron industry in South Australia.

Magnetite Mines Rights Issue Closure Summary

Magnetite Mines successfully closed the Rights Issue, raising $2.4 million, with Mahe Capital underwriting $2 million for the funding of the Razorback Iron Ore Project. The Company will issue 12,000,000 new fully paid ordinary shares and 12,000,000 new options. Managing Director Tim Dobson highlighted the comprehensive submission made to the South Australian Government's 'Green Iron Opportunity' Expression of Interest process, emphasizing the need for reliable, long-term, DR-grade magnetite concentrate production to enable the creation of a green iron industry in South Australia. The Company remains fully committed to developing the Razorback Project to secure the forecast global demand for exportable green iron products.