Australia's Element 25 set for worst day in five years on discounted placement

Element 25

17/11/2022 24:18

** Shares of Element 25  E25.AX  slump as much as 22% to
A$1.120, set for their worst session in nearly five years, if
losses hold 
    ** The mineral explorer says it has received firm
commitments to raise A$35 mln ($23.58 mln) via a share placement
 urn:newsml:reuters.com:*:nFWN32C3SK
    ** Co says capital raised will be used for funding its
Butcherbird manganese project in Australia for exploration of
battery grade high purity manganese sulphate 
    ** Issue price of A$1.12 per share is at a 22.0% discount to
the last traded price on Nov 14 
    ** Shares hit lowest since Nov 4 
    ** Around 985,700 shares change hands, 3.4 times compared
with the 30-day average volume of nearly 287,170 shares 
    ** Stock down 16.7% this year, as of last close
     ($1 = 1.4841 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))