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Magnetite raises cash for Razorback

7th May 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Magnetite Mines will raise A$7-million in a share placement to sophisticated and institutional investors to advance studies at the Razorback iron-ore project, in South Australia.

The company would issue more than 120.8-million shares, at a price of 5.8c each under its existing placement capacity.

The share price represented a 2% premium to Magnetite’s five-day volume weighted average share price.

“We believe that this placement, which is modest in proportion to the company’s market capitalization, has considerable longer-term benefits for shareholders. It brings sophisticated and institutional investors on to our register, which is a positive development as we move the Razorback iron-ore project forward, it underpins the financial position of the business, and it increases the funds available for the company’s exciting development programme,” said executive chairperson Peter Schubert on Friday.

Edited by Creamer Media Reporter

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