Australia's Venture Minerals hits near 7-week low on discounted raise

Critica

01/07/2024 02:14

** Shares of Venture Minerals  VMS.AX  slump as much as 9.1%
to A$0.020, their lowest since May 16 
    ** The mineral explorer says it has raised about A$6 million
 ($4.00 million) via a two-tranche share placement 
    ** Co also announces share purchase plan to raise an
additional A$1 million 
    ** Issue price of both placement and SPP of A$0.019 per
share represents a 13.6% discount to the last closing price of
shares on 26 June
    ** Co says funding to focus on resource and exploration
drilling at Jupiter Clay Hosted Rare Earths Prospect
    ** Shares see worst day since June 20 - if losses hold 
    ** Stock has tripled in value this year as of last close


($1 = 1.5002 Australian dollars)

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