Australian iron ore miner Fe Ltd down on discounted placement

Cufe

24/09/2021 02:32

** Shares of iron ore miner Fe Ltd  FEL.AX  fall as much as
17.5% to A$0.052, their biggest intraday pct loss since Aug 20
    ** Co to raise A$5 mln ($3.65 mln) to fund its acquisition
of the Tennant Creek project in Northern teritory, Australia
 urn:newsml:reuters.com:*:nASX3zm3GB
    ** Co to issue 100 mln new shares under the placement, which
represents 25.2% of its free float
    ** New shares are priced at A$0.05 apiece, a 20.6% discount
to stock's last close on Sept 14, after which co's stock went on
a trading halt     
    ** FEL shares at their lowest since Aug 24, set for their
seventh consecutive session in the red
    ** Co eyes its fourth straight weekly loss, losing 12.7% for
the week
    ** About 5.4 mln shares change hands, vs the 30-day avg
volume of 4.5 mln
    ** Stock up 57.5% this year, as of last close

    ($1 = 1.3682 Australian dollars)

 (Reporting by Yamini C S)
 ((Yamini.CS@thomsonreuters.com;))