Australia's Andean Silver drops on discounted placement

Andean Silver

19/09/2024 04:14

** Andean Silver  ASL.AX  falls as much as 5.1% to A$1.110;
on track to snap eight-day winning streak
    ** Mineral explorer receives firm commitments to raise A$25
mln ($17 mln) through the issue of ~23.8 mln shares
    ** Issue price of A$1.05 at ~10% discount to close on Sept.
16, when trading was halted pending capital raising announcement
    ** Co says funds will be used for exploration activities at
its Cerro Bayo Silver Project in Chile, among others
    ** Over 1.9 mln shares traded, 2x the 30-day avg
    ** ASL up ~326% YTD, outperforming benchmark ASX200 index's
 .AXJO  7.6% gains

($1 = A$1.4751)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))