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China Magnesium rights issue at massive premium an abject failure

CHINA Magnesium Corporation’s existing shareholders may have fallen out of love with the diversified company, as evidenced by the crushing failure of its A$7.8 million rights issue with just a 0.3% take-up, but fortunately it has third party investors willing to top up its coffers. 

Haydn Black
China Magnesium rights issue at massive premium an abject failure

The rights issue is purely to cover working capital needs and overheads, and was pitched at 5c per share, a massive 92% premium to the share price in October.   With the premium there is little doubt...

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