Magnum Mining and Exploration (ASX:MGU) announced financial results for the half-year ended 30 June 2022.
The consolidated loss of the Group for the half-year ended 30 June 2022 after income tax was $5,692,276 (30 June 2021: half year loss of $4,259,344).
The Group's cumulative exploration and evaluation expenditure capitalised totals $6,060,150 at 30 June 2022 (31 December 2021: $4,794,499).
The net assets of the Group stand at $8,106,617 (31 December 2021: $9,780,423).
During the June 2022 half- year, Magnum shipped un-beneficiated samples of its Buena Vista iron ore to a consortium of international engineering firms specialising in HBI and Pig Iron manufacturing design.
During the reporting period Magnum issued a total of 33,178, 968 equity securities.
14 June 2022: 597,826 fully paid ordinary shares at an issue price of $0.046 (following conversions of convertible notes).
6 June 2022: 51,020 fully paid ordinary shares at an issue price of $0.049 (following conversions of convertible notes).
4 May 2022: 8,433,735 fully paid ordinary shares at an issue price of $0.083 (as a facilitation fee).
4 May 2022: 24,096,386 collateral shares issued pursuant to the convertible note agreement.
As disclosed to the market on 2 May 2022, Magnum secured a $20 million funding facility, which allows Magnum to draw funds in $1 million tranches. Each time a tranche is drawn, Magnum issues the lender convertible notes with a face value of $2,500.
Following the announcement the company?s share price rose 2.941%.