Australia's Sipa Resources faces worst day in 31 months on discounted placement

Auravelle Metals

07/11/2022 01:30

** Shares of Sipa Resources Ltd  SRI.AX  slump as much as
22.6% to A$0.041
    ** Stock to mark its biggest daily loss since April 6, 2020
if losses hold 
    ** Mineral explorer says received binding commitments via a
share placement to raise approximately A$1 mln ($640,900)
 urn:newsml:reuters.com:*:nFWN320C2E
    ** Issue price of A$0.045 per share represents a 15.1%
discount to last closing price on Nov 2    
    ** Co says proceeds will be used for completion of
exploration programmes targeting lithium, gold and base metals
at its Warralong project in Pilbara region, among other projects
 
    ** Shares hit their highest level since Sept 14 
    ** Stock had risen 10.4% this year, as of last close
($1 = 1.5603 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))