Australia's Altamin posts worst session in nearly 2 months on discounted placement

Altamin

24/01/2022 04:28

** Shares of Altamin Ltd  AZI.AX  fall as much as 7.1% to
A$0.07, post worst intraday session since Nov 29
    ** The zinc explorer says it will raise A$6.977 mln ($5.01
mln) through a two-for-five non-renounceable pro-rata
entitlement offer  urn:newsml:reuters.com:*:nFWN2U20BG
    ** The offer price of A$0.06 per new share represents a
discount of 91.4% to stock's last close on Friday 
    **  Co says funds raised will be applied at Gorno project in
northern Italy to advance the project to a definitive
feasibility study (DFS) level, among others
    ** Stock hits lowest level since Dec 29      
    ** As of last close, stock up nearly 3% this year

     ($1 = 1.3926 Australian dollars)

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))