Australia's Enova Mining tumbles on discounted placement

Enova Mining

16/09/2026 02:16

** Shares of Enova Mining ENV.AX fall as much as 20% to A$0.002, their lowest level since August 18
** Rare earths explorer announces A$1.5 million ($1.07 million) placement at A$0.001 per share, a 66.7% discount to the stock's last close
** Adds co to undertake rights issue to raise up to about A$495,200 at A$0.001 per share
** Co also secures option to buy 100% stake in the Caraúbas monazite project in north-eastern Brazil
** More than 36.1 million shares change hands, about 15x the 30-day average 
** YTD, stock down 66.7%, including session's moves 
     
($1 = 1.4035 Australian dollars)

(Reporting by Subhalakshmi Dey in Bengaluru)
((Subhalakshmi.Dey@thomsonreuters.com;))