Australia's BlackEarth sinks most in over 4 months on discounted placement

Evion NL

24/01/2022 02:08

** Shares of graphite explorer BlackEarth Minerals NL
 BEM.AX  slump as much as 12.9% to A$0.135, after co announces
completion of discounted capital raise
    ** Stock heads for its worst session since Sept. 20
    ** Co says it has secured commitments to raise about A$6.84
mln ($4.91 mln) at A$0.135 per share  urn:newsml:reuters.com:*:nASX59gP3p 
    ** Placement price is a 12.9% discount to BEM's last close
of A$0.155 on Wednesday, before trading in the stock was halted 
 
    ** Funds raised by placement will be used to complete the
definitive feasibility study for the Maniry Graphite Project,
among others   
    ** Nearly 3 mln shares have changed hands, vs the 30-day
average of about 882,000 shares 
    ** BEM stock has added 29.2% this year as of last close 
    



($1 = 1.3926 Australian dollars)

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))