Australia's Augustus Minerals hits near five-month low on discounted placement

Augustus Minerals

16/07/2024 02:12

** Shares of Augustus Minerals  AUG.AX  slip as much as
16.1% to A$0.078, their lowest level since Feb 28 
    ** The rare-earths explorer receives commitments to raise
over A$1.66 mln ($1.12 mln) via a placement 
    ** Issue price of A$0.07 per share is at a 24.7% discount to
last close on July 11 
    ** Says funds raised will be used for deep diamond drilling
at the Minnie Springs Cu-Mo Porphyry system, among others 
    ** About 3.6 mln shares exchange hands vs the 30-day average
of 1.3 mln shares 
    ** Stock down 11.4% YTD, as of last close 
    
    ($1 = 1.4804 Australian dollars)

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