Australian Strategic Materials rises most in 1-1/2 years on premium placement

Australian Strategic Materials

16/05/2022 02:20

** Shares of Australian Strategic Materials (Holdings)
 ASM.AX  rise as much as 29.3% to A$6.80
    ** The rare-earths metals supplier says South Korea-based
KCF Energy has agreed to invest $15 mln of equity funding in co
    ** Funding at issue price of A$8.90 per share, which
represents a premium of 69% to its last close on May 12, after
which the stock went on a trading halt
    ** Stock marks its biggest intraday pct gain since August
2020 
    ** Stock hits highest level since April 22
    ** Stock down 50.7% this year, as of last close

 

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))