- Magnum Mining and Exploration (MGU) enters a trading halt pending an upcoming capital raising
- The company will remain in the halt until the earlier of Thursday, August 25, or when an announcement with further details is released
- On August 5, Neil Goodman was appointed CEO and a Director of Magnum’s US subsidiary, Nevada Iron
- Prior to joining Magnum, Mr Goodman was the General Manager of Rio Tinto’s (RIO) HIsmelt Corporation and Managing Director of Smelt Tech Consulting
- Shares in Magnum last traded at 3.9 cents on August 24
Magnum Mining and Exploration (MGU) has entered a trading halt pending an upcoming capital raising.
The company will remain in the halt until the earlier of Thursday, August 25, or when an announcement with further details is released.
Magnum is yet to disclose how much it intends to raise or what it will use the funds for once received.
On August 5, Neil Goodman was appointed CEO and a Director of Magnum’s US subsidiary, Nevada Iron.
Prior to joining Magnum, Mr Goodman was the General Manager of Rio Tinto’s (RIO) HIsmelt Corporation where he was responsible for the design and operation of the first commercial-scale HIsmelt plants in WA and China.
He was also the Managing Director of Perth-based consulting services company, Smelt Tech Consulting.
Magnum last tapped investors for cash in May 2021 when it raised $6 million via the issue of 40 million shares to institutional and sophisticated investors priced at 15 cents each.
The company stated it would use the money to accelerate its growth strategy of becoming a leading US-based iron ore exporter and green steel producer.
Shares in Magnum last traded at 3.9 cents on August 24. The company has a $20.78 million market cap.