Australian Rare Earths slides on discounted capital raise

Australian Rare Earths

01/06/2022 03:46

** Shares of mineral explorer Australian Rare Earths
 AR3.AX  fall as much as 9.8% to A$0.415, their lowest since
July 1, 2021
    ** Co raises A$8.1 mln ($5.82 mln) via placement to fund
further work at it flagship Koppamurra clay hosted rare earth
project in South Australia  urn:newsml:reuters.com:*:nASX7VYW6w
    ** Issue price of A$0.44 per share represents a 4.3%
discounted to stock's last closing 
    ** Shares mark their worst intraday fall since May 6
    ** Volumes are 1.9 times the 30-day average of 166,175
shares
    ** As of last close, stock down 45.9% this year

($1 = 1.3916 Australian dollars)

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