Iron ore play Magnetite Mines readies placement Share Listed resources play Magnetite Mines will seek to take advantage of the record iron ore prices that have driven up its share price in the past 12 months. Iron ore play Magnetite Mines is readying a capital raising. Louie Douvis Street Talk understands the $160 million company was putting the finishing touches on an equity raising on Thursday night, ahead of a deal to launch as early as Friday morning. Sources said the deal was expected to be in the $7 million range and would be priced at 5.8¢ a share, above the company’s 5.5¢ last close and a 2 per cent premium to its five-day volume weighted average price.