American Rare Earths sees worst day since June on discounted placement

American Rare Earths

17/08/2022 05:53

** Shares of American Rare Earths  ARR.AX  slump as much as
14.1% to A$0.305, seeing their worst session since June 15 - if
losses hold 
    ** Miner says it has received firm commitments to raise
A$14.0 million ($9.80 million) via a single-tranche share
placement  urn:newsml:reuters.com:*:nFWN2ZS5RV
    ** Co says funds raised will be used to develop portfolio of
large-scale rare-earth projects at Halleck Creek Rare Earths
Project in Wyoming and La Paz Rare Earths Project in Arizona,
both in U.S.  
    ** Almost 2.1 mln shares change hands, nearly 1.8 times more
compared with the 30-day average volume of 1.1 mln shares 
    ** Issue price of A$0.29 per share is at a 18.3% discount to
the last trading price on Aug. 15 
    ** Shares hit lowest since Aug. 8 
    ** Stock has risen more than two-fold this year, as of last
close

($1 = 1.4290 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))