Australia's AIC Mines set for worst day in nearly 2 years on discounted placement

AIC Mines

24/05/2024 01:53

** Shares of AIC Mines Ltd  A1M.AX  fall 11.9% to A$0.52
    ** AIC stock set for its worst day since July 6, 2022, if
losses hold
    ** Resources co says it has received firm commitments to
raise A$57.2 mln ($37.73 mln) via share placement to advance an
underground link drive at its Jericho Copper mine
    ** The placement's issue price of A$0.52 represents a 10.3%
discount to co's last closing price on May 23 
    ** Stock up 71% YTD, as of last close


($1 = 1.5161 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))