Magnetite Mines Limited (ASX: MGT) (Company) today announced it has issued 5,000,000 fully paid ordinary shares in the capital of the Company (Shares) pursuant to the exercise of unquoted options by the Company’s Executive Chairman, Mr Peter Schubert. The Shares are in a class of securities quoted on the Australian Securities Exchange (ASX).
The Corporations Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under 708 or 708A of the Corporations Act. By the Company giving this notice, sale of the Shares noted above will fall within the exemption in section 708A(5) of the Corporations Act.
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