** Magnum Mining and Exploration MGU.AX plummets 40% to record low of A$0.006

** Iron ore concentrate and green pig iron producer says it will raise A$1.9 mln ($1.2 mln) at A$0.0006

** Issue price represents a 40% discount to stock's last close

** About 11.9 mln shares traded, 13.2x the 30-day avg, in stock's busiest session since May 13, 2024

** MGU down 33.3% YTD

($1 = A$1.6005)

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((Jasmeenaraislam.shaikh@thomsonreuters.com))