MAGNETITE MINES LIMITED. — Capital/Financing Update 2016

Nov 13, 2016

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ASX Announcement

14 November 2016

Placement to Investors

The Board of Magnetite Mines Limited (ASX:MGT) ( Company ) is very pleased to announce the the successful completion of a placement to raise $735,150 (before costs) by the issue of 21,004,285 shares at an issue price of $0.035 per share (Placement).

The placement was conducted under the Company’s existing placement capacity available under ASX Listing Rule 7.1 and Listing Rule 7.1A and was made to unrelated sophisticated and professional investors under section 708 of the Corporations Act 2001.

The Chairman of the Company, Mr. Gordon Toll said, “The funds raised will be used to pay the costs of the capital raising and provide working capital to allow the Company to continue working diligently towards delivering a DFS and attracting strategic partners who will participate in the development of the Company’s large magnetite resources in South Australia.”

For further information contact:

Gordon Toll Peter Schubert Chairman and Chief Executive Officer Non-Executive Director +61 8 8427 0516 +61 416 375 346

Magnetite Mines Limited | ABN: 34 108 102 432 | 118B Glen Osmond Road, Parkside, SA 5063 | email: info@magnetitemines.com | www.magnetitemines.com | Tel: +61 8 8427 0516 | Fax: +61 8 8427 0515