Magnetite Mines extends entitlement offer to July 19 following agreement with JFE Shoji | Proactive Investors | Phoebe Shields

"Magnetite Mines Ltd (ASX:MGT) has extended the deadline for its current 1 for 6 pro rata non-renounceable entitlement offer from July 12 to July 19, providing an additional seven days for investors to absorb the news of its recent heads of agreement with JFE Shoji.

"The company has partnered with JFE Shoji Australia Pty Ltd (JFE), a subsidiary of JFE Shoji Corporation and part of JFE Holdings, to fund the development of its Razorback Iron Ore Project in South Australia in return for magnetite offtake rights with an option to convert into an equity or joint venture agreement.