Australia's Alara Resources skids on discounted fund raising

Alara Resources

04/11/2024 04:32

** Shares of Alara Resources  AUQ.AX  fall as much as 30.6%
to A$0.034, posting their biggest intraday pct drop since April
22
    ** Diversified miner says it is set to raise A$15.3 mln
($10.11 mln) at A$0.034 per share in a rights issue
    ** Says issue price is at a 30.6% discount to stock's last
close
    ** says funds raised will be used for exploration and debt
repayment, among others
    ** Stock hits its lowest level since Oct. 25
    ** Stock down 14.3% YTD, as of 0418 GMT

($1 = 1.5131 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))