BUZZ-Australia's Magnetite Mines falls on discounted capital raise

Reuters

03/03

BUZZ-Australia's <a href="https://laohu8.com/S/MGTN.AU">Magnetite Mines</a> falls on discounted capital raise

** Shares of Australia's Magnetite Mines MGT.AX fall 18% to A$0.041, set for their worst day since September 5

** Iron ore producer announces a capital raising of up to approximately A$3.92 million ($2.79 million) at an issue price of A$0.04 per share, which represents a 20% discount to last close

** Raise via a 1-for-2 renounceable rights issue wherein every new share subscribed will entitle the holder to one attaching option, with an exercise price of A$0.08 with a term of 2.5 years

** Stock down 22.2% YTD

($1 = 1.4061 Australian dollars)

(Reporting by Shruti Aagrwal in Bengaluru)

((Shruti.Agarwal@thomsonreuters.com))

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