Australia's Desert Metals falls on discounted share placement

Desert Metals

28/03/2022 03:11

** Shares of diversified miner Desert Metals  DM1.AX  fall
as much as 11.4% to $0.390, their biggest intraday pct loss
since March 15, if losses hold 
    ** Raises A$2.7 mln ($2.03 mln) at issue price of A$0.33 per
share, a 25% discount to Wednesday close, when stock last traded
before going into trading halt  urn:newsml:reuters.com:*:nASX9jv23c
    ** Says funds from placement will be used to accelerate
nickel, copper and platinum-group resources in Narryer terrane
in Western Australia 
    ** Stock up 22.2% this year, as of last close 


($1 = 1.3326 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))