Magnetite Mines Limited announced that it expects to receive AUD 0.2 million in funding

Magnetite Mines Limited (ASX:MGT) announced a private placement of 50,000,000 common shares at a price of AUD 0.004 per share for gross proceeds of AUD 200,000 on October 22, 2019. The transaction will include participation from sophisticated and profession investors. The transaction is expected to close on October 25, 2019.