Australia's 29Metals tumbles on discounted placement

29Metals

05/12/2024 24:10

** 29Metals  29M.AX  plunges as much as 28.4% to A$0.265,
lowest since Feb. 26
    ** Stock logs biggest intraday pct fall since March 26
    ** Copper-focused miner on Tuesday announced A$180 mln
($115.7 mln) equity raising at A$0.27
    ** Offer price represents 27% discount to Tuesday's close
    ** Stock top loser on ASX All Ordinaries  .AORD  index
    ** 29M down 42.6% this year, as of last close

($1 = A$1.5552)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))