Australian Rare Earths hits 1-week low on discounted placement

Australian Rare Earths

21/04/2023 03:39

** Shares of Australian Rare Earths Ltd  AR3.AX  slump as
much as 20.3% to A$0.490, their lowest since April 13
    ** Mineral explorer says it has received firm commitments to
raise A$11.1 mln ($7.46 mln) in a placement
    ** Issue price of A$0.45 per share is at a 26.8% discount to
last close on April 19
    ** Says proceeds will be used to accelerate activity at co's
Koppamurra project in South Australia and Victoria
    ** Shares on track for a third consecutive day of fall 
    ** About 5.6 mln shares exchange hands vs the 30-day average
of 1.7 mln shares
    ** Shares have fallen 19.4% so far this week, on track for
worst week since March 24 if losses hold
    ** AR3 stock up 53.8% YTD, as of last close 

($1 = 1.4879 Australian dollars)

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