Magnetite Mines Limited (ASX:MGT) announced a private placement of 65,714,286 ordinary shares at an issue price of AUD 0.035 per share for gross proceeds of AUD 2,300,000 and 16,428,572 options, each to acquire one ordinary share at an exercise price of AUD 0.05 on the date that is six months after the issuance on June 15, 2017. The transaction will include participation from sophisticated and professional investors.