Australia's Alara Resources sees best day ever on premium share placement

Alara Resources

24/11/2020 04:51

** Shares of Alara Resources Ltd  AUQ.AX  more than double
in value to A$0.029 in their best intraday session on record
    ** The mineral explorer to place 70.5 mln shares (28.9% of
co's free float) to Oman-based construction contractor Al Tasnim
Infrastructure LLC, raising A$1.9 mln ($1.39 mln)  urn:newsml:reuters.com:*:nASX5ZXXZ3
    ** New shares are priced at A$0.027 per share, a premium of
125% to co's last close on Nov. 19, after which it went on
trading halt
    ** Funds raised to aid development of co's Daris copper-gold
project in Oman, and work with Al Tasnim to bring Al Hadeetha
copper gold project into production
    ** About 8.4 mln shares change hands, more than 17 times the
30-day average volume of 476,129
    ** Stock has fallen 20% this year as of last close 

($1 = 1.3676 Australian dollars)

 (Reporting by Yamini C S)
 ((Yamini.CS@thomsonreuters.com;))