Magnetite Mines Ltd has successfully completed an oversubscribed rights issue, raising $6.5 million in capital for its Razorback Iron Ore Project in South Australia. The funding round, managed by Mahe Capital Pty Ltd, surpassed expectations, reflecting strong shareholder support and management's confidence following a previous strike under ASX rules.
At the company's Annual General Meeting (AGM) in Adelaide today, shareholders showed robust backing for key resolutions, including the approval of the remuneration report. This marks a notable improvement in shareholder relations after past tensions. CEO Tim Dobson expressed satisfaction with the progress toward a final investment decision, with a detailed feasibility study (DFS) focusing on water sourcing for the project.
Dobson also announced that upcoming meetings in Tokyo and the Middle East are planned to secure strategic partnerships for the Razorback Project's green iron ore initiatives. These efforts are part of the company's broader strategy to advance the project towards production with an emphasis on sustainability and innovation in the iron ore sector.
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