Australia's American Rare Earths falls most in more than 2 yrs on discounted placement

American Rare Earths

22/02/2024 23:33

** Shares of American Rare Earths  ARR.AX  slip as much as
21.4% to A$0.330, posting their biggest intraday pct loss since
Jan 25, 2022
    ** The mineral explorer says it has received firm
commitments for a placement to raise A$13.5 mln ($8.85 mln)
    ** Issue price of A$0.30 is at a 28.6% discount to last
close on Feb 20 
    ** Says funds raised will be used for the continued
development of ARR's Halleck Creek Rare Earths project, among
others
    ** Shares hit their lowest level since Feb 16 
    ** ARR up 154.5% YTD, as of last close 


($1 = 1.5246 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))