Australian Strategic Materials hits over 2-year low on discounted placement

Australian Strategic Materials

01/11/2022 23:59

** Shares of Australian Strategic Materials (Holdings) Ltd
 ASM.AX  fall as much as 10.6% to A$1.765, lowest level since
August 2020
    ** Co announces institutional placement to raise A$30 mln
($19.17 mln) to fund operations at the Korean Metals Plant,
among others  urn:newsml:reuters.com:*:nASX7h2kK3
    ** Issue price of A$1.73 for each share represents a
discount of about 12% to its last close on Oct 28
    ** Co went on a trading halt on Oct 31
    ** ASM marks worst day since Sept 12, if losses hold
    ** Stock on track for its third straight session of losses
    ** Stock has fallen 81.5% this year as of last close
($1 = 1.5649 Australian dollars)
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))