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Magnetite Mines Limited (ASX:MGT)

ALERT: Price-sensitive ASX Announcement for MGT
Current share price for MGT : $0.015 -0.003 (-16.67%)+
Announcement
Release
12 Aug 2026 11:11AM
Price at Release
$0.018
Full Release
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Summary
Magnetite Mines Limited has announced a 12-month extension on the maturity dates of their outstanding Convertible Notes, originally issued under the Convertible Securities Agreements dated 10 January 2025. This extension, agreed with C/M Capital Master Fund, LP and WVP Emerging Manager Onshore Fund LLC, affects notes with a total face value of $2.714 million and is designed to provide the company with increased financial flexibility for its Razorback Iron Ore Project. In consideration of this extension, MGT will issue 16,666,667 unquoted options, pending shareholder approval at the 2026 Annual General Meeting. If approval is not granted, a cash payment of $250,000 will be made. All other terms of the original agreement remain unchanged. This strategic move aims to support the company's financial stability and progress in its project development.
Key Points
  • Convertible Notes maturity extended by 12 months.
  • Extension agreed with C/M Capital.
  • Notes have an aggregate face value of $2.714 million.
  • Extension for financial flexibility in Razorback Iron Ore Project.
  • Consideration includes 16,666,667 unquoted options or $250,000 cash.
  • Shareholder approval required for option issuance.
  • All other terms of the Convertible Securities Agreement unchanged.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.