Australia's Falcon Metals tumbles on discounted placement

Falcon Metals

28/08/2026 05:36

** Shares of Australia's Falcon Metals FAL.AX decline as much as 11.8% to A$0.6, marking their biggest intraday pct loss since July 24
** Shares hit their lowest level since Aug. 18
** Mineral explorer discloses A$30 million ($21.60 million) placement at A$0.60 per share, an 11.8% discount to its close on Tuesday before it went on trading halt 
** Adds, proceeds will be used to fund diamond drilling at its Blue Moon Gold exploration project in Victoria, others 
** More than 650,000 shares change hands, about 1.3x the 30-day average
** FAL down 15.5% so far this week, on track to break five-week winning streak 
** Stock last down 11%, trimming YTD gains to 2.5%

($1 = 1.3889 Australian dollars)

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