Australia's Navarre Minerals sees worst session in 1 year on discounted capital raise

Aureka

01/06/2022 06:44

** Shares of mineral explorer Navarre Minerals  NML.AX 
slump as much as 15.2% to A$0.067, mark their worst intraday pct
drop since May 26, 2021
    ** Co raises A$4.5 mln ($3.23 mln) via a placement and up to
an additional A$5 mln via a non-underwritten share purchase plan
 urn:newsml:reuters.com:*:nASX2HyHFw
    ** Issue price of A$0.066 per shares represents a 16.5%
discount to stock's last closing price
    ** Says funds will be used to accelerate exploration at Mt
Carlton deposit in Queensland following recent positive drilling
results 
    ** Shares hit their lowest since Dec 16, 2021
    ** More than 12.4 mln shares trade hands, 4.5 times the
30-day average of 2.8 mln shares
    
     ($1 = 1.3943 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))