Australia's Estrella Resources falls on discounted placement

Estrella Resources

23/09/2022 01:55

** Shares of Estrella Resources Ltd  ESR.AX  fall as much as
3.5% to A$0.014 - stock to mark worst day since Sept 15 if
losses hold
    ** Mineral explorer says it received firm commitments to
raise A$1.8 mln ($1.20 mln) through share placement  urn:newsml:reuters.com:*:nTUE4GLDG
    ** Co says funds will be used to complete definitive
feasibility study for a nickel mine at Spargoville in Western
Australia
    ** Issue price of A$0.12 per share is at a near 20% discount
to last closing price on Sept 19
    ** Stock had fallen 42% this year, as of last close
($1 = 1.5044 Australian dollars)
 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))