Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson speaks to Thomas Warner from Proactive after the iron ore project developer announced an oversubscribed rights issue that raised $6.5 million, $300,000 above the original target. Dobson expresses gratitude toward existing shareholders and welcomed new investors, saying that the company's work at the Razorback Iron Ore Project in South Australia is in a promising phase. Mahe Capital Pty Ltd acted as the lead manager and underwriter to the offer. The interview also covers the Annual General Meeting (AGM) held in Adelaide, where Dobson reports high shareholder support for company resolutions, including approval of the remuneration report, signalling improved shareholder relations after last year's first strike under ASX rules. Key shareholder inquiries addressed at the AGM revolved around the Razorback Project, particularly its water sourcing and the definitive feasibility study (DFS). Dobson reassures investors about the project’s robust financial model and strategic partnerships for the DFS, aligning with the final investment decision. Furthermore, Dobson outlined Magnetite Mines’ expanding international outreach, with upcoming meetings in Tokyo and the Middle East to secure strategic partners, reflecting growing global interest in green iron ore.
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