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Magnetite Mines Ltd has efficiently accomplished an oversubscribed rights subject, elevating $6.5 million in capital for its Razorback Challenge in South Australia. The funding spherical, managed by Mahe Capital Pty Ltd, surpassed expectations, reflecting sturdy shareholder help and administration’s confidence following a earlier strike beneath ASX guidelines.
On the firm’s Annual Normal Assembly (AGM) in Adelaide at present, shareholders confirmed sturdy backing for key resolutions, together with the approval of the remuneration report. This marks a notable enchancment in shareholder relations after previous tensions. CEO Tim Dobson expressed satisfaction with the progress towards a closing funding choice, with an in depth feasibility research (DFS) specializing in water sourcing for the venture.
Dobson additionally introduced that upcoming conferences in Tokyo and the Center East are deliberate to safe strategic partnerships for the Razorback Challenge’s inexperienced iron ore initiatives. These efforts are a part of the corporate’s broader technique to advance the venture in direction of manufacturing with an emphasis on sustainability and innovation within the iron ore sector.
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