Australia's American West Metals plunges on discounted placement

American West Metals

27/05/2025 01:50

** American West Metals AW1.AX plunges as much as 21.6% to A$0.040, lowest since April 9

** Stock set for steepest intraday pct loss since September 26, 2023

** Mineral explorer receives firm commitments to raise A$5.9 mln ($3.8 mln) via placement

** Issue price of A$0.04 represents 21.6% discount to last close

** Says funds will be used to accelerate drilling of large-scale regional exploration targets, others

** About 1.3 mln shares traded, 1.8x the 30-day avg

** AW1 last down 17.6%, takes YTD losses to 19.2%

($1 = A$1.5423)

 (Reporting by Manasi Dasa in Bengaluru)

 ((Manasi.DasaSundeep@thomsonreuters.com;))