Share plan funding
Magnetite Mines launches discounted share purchase plan to fund the Razorback project
Anonymous
Magnetite Mines is seeking to raise about A$1 million through a discounted share purchase plan for eligible shareholders, with free attaching options and no brokerage fees. The company may add a placement to sophisticated and professional investors, targeting total proceeds of about A$1.5 million. It says the funding will support work on the Razorback Iron Ore Project, advance studies and discussions with potential strategic and funding partners, and provide flexibility to pursue related opportunities.
Key Points
1
The share purchase plan is partially underwritten, and directors have committed to participate.
2
The offer price will be the lower of a fixed discount to recent trading or a 10% discount to the five-day volume-weighted average price.
3
Magnetite Mines said Razorback’s position had been reinforced by a new scoping study and its designation as an Australian Major Project.
4
The company also holds a broader South Australian project portfolio that includes Ironback Hill and is pursuing a revised development pathway intended to lower upfront capital needs and development risk while retaining long-term growth potential.
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