Australia's American West Metals falls on discounted placement

American West Metals

01/08/2022 03:48

** Shares of American West Metals  AW1.AX  drop as much as
13.3% to A$0.13, hitting their lowest since July 20 
    ** Stock posts its biggest intraday percentage fall since
June 14 
    ** The base metal explorer says it got firm commitments to
raise A$2.7 mln ($1.89 mln) through placement of 21.5 mln new
shares  urn:newsml:reuters.com:*:nFWN2ZB00W
    ** The issue price of A$0.125 represents a discount of 16.7%
since stock's last close on July 27, after which it went into a
trading halt
    ** Co says funds raised will be used to develop its copper
and zinc projects in North America 
    ** About 294,739 shares change hands, compared with the
30-day average of 205,574 shares 
    ** Stock up 20% this year, as of last close 
    

     ($1 = 1.4292 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))