Estrella Resources hits near two-year low on discounted placement

Estrella Resources

11/07/2022 02:25

** Shares of Estrella Resources  ESR.AX  drop as much as
18.18% to A$0.018, their lowest since Dec. 16, 2020
    ** The mineral explorer says it has received firm
commitments to raise A$2.1 million ($1.43 million) through a
share placement  urn:newsml:reuters.com:*:nFWN2YQ037
    ** Co says funds raised will be used to complete the
Definitive Feasibility Study for the 5A nickel mine at
Spargoville, Western Australia 
    ** Issue price of A$0.0175 is at a 20.4% discount to the
last closing price on July 5, before it went on trading halt 
    ** Shares see biggest intraday pct loss since June 29 
    ** Stock has fallen 12% this year, as of last close

($1 = 1.4639 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))