Australia's Advance Metals falls after share placement

Advance Metals

08/04/2024 05:35

** Mining firm Advance Metals'  AVM.AX  shares fall as much
as 2.2% to A$0.04, biggest intraday pct loss since March 21 this
year
    ** Copper-focused miner says it has received commitments to
raise A$1.8 mln ($1.18 mln)
    ** Placement at issue price of A$0.026 per new share,
representing 42.2% discount to AVM's last close
    ** Issue of 5.5 mln shares represents 21.8% of company's
free float of 25.3 mln shares - LSEG
    ** Stock down 25% YTD, as of last close

 ($1 = 1.5214 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))