Australia's Arafura Rare Earths at over 2-year low on discounted placement

Arafura Rare Earths

14/12/2023 03:09

** Shares of Arafura Rare Earths  ARU.AX  down as much as
20% to A$0.160, hitting their lowest level since Sept 23, 2021
    ** Stock faces worst day since June 24, 2021, if losses hold
    ** The non-gold precious metals miner says book-build
completed for placement offer to raise A$25 mln ($16.79 mln)
    ** Co said on Wednesday that it launched placement offer at
an issue price of A$0.16 per share, representing a discount of
20% from last close
    ** More than 30.9 mln shares change hands, four times the
30-day average volume of 7.7 mln shares
    ** Arafura stock down 57% YTD, as of last close

    ($1 = 1.4890 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))