Australia's Austin Metals sees worst session in 1 month on discounted placement

Austin Metals

27/01/2022 24:04

** Shares of Austin Metals Ltd  AYT.AX  slide as much as
10.7% to A$0.025, their biggest intraday pct loss since Dec 29
    ** The precious metal explorer says it has received firm
commitments for a placement of shares worth A$2.5 mln ($1.78
mln)
    ** Issue price of A$0.023 per share at 20% discount to the
co's last closing price, when it previously traded on Jan 21
    ** Co says funds will be used to speed up exploration at
Austin gold project and its base and precious metals projects
    ** Shares hit lowest since Jan 17
    ** Stock up 52.6% in 2021

    ($1 = 1.4047 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))