Magnetite Mines raising up to $5 million to take advantage of 'green iron' opportunity | Proactive Investors | Phoebe Shields

"Magnetite Mines Ltd (ASX:MGT) is launching a 1 for 6 pro rata non-renounceable entitlement offer to raise up to $5 million to assist efforts to take advantage of the 'green iron' opportunity presented by its Razorback Magnetite Project in South Australia.

"Funds will be used for working capital needs while negotiations with potential strategic partners continue and a decision on a potential transaction is finalised.

"Shares in the offer will be issued at $0.31 per share, representing a 16.1% discount to the 15-day volume weighted average price (VWAP) on the ASX of $0.36 a share.