Australia's Variscan Mines slips on discounted placement

Altoro Metals

05/08/2025 03:54

** Shares of Variscan Mines VAR.AX fall 14.3% to A$0.006, hitting their lowest since July 11

** Stock eyes weakest session since July 11, if trends hold

** Mineral explorer receives firm commitments to raise A$2.5 million ($1.61 million) via a placement

** Placement issue price at A$0.005, representing a 28.6% discount to stock's last close

** Says funds will be used for the development of co's Novales-Udias zinc project in Spain among others

** More than 2.6 million shares change hands, 2.6 times the 30-day average

** Stock down 14.3% YTD, including the day's moves

($1 = 1.5485 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))