Auteco Minerals eyes biggest fall in over 3 months after placement

Firefly Metals

02/02/2023 24:59

** Shares of Auteco Minerals Ltd  AUT.AX  slump as much as
10.5% to A$0.051, their biggest intraday pct loss since Oct. 25,
2022
    ** The miner says it has received firm commitments to raise
about A$9 mln ($6.43 mln) through a placement of 180 mln fully
paid ordinary shares
    ** Issue price of 5 AU cents per share are at a 12.3%
discount to last close on Jan 30
    ** Says funds raised to be used to fast-track seasonal
exploration work
    ** Shares touch their lowest since Jan 3
    ** 6.7 mln shares exchange hands vs the 30-day average of
about 1.5 mln shares
    ** Stock fell 30.1% in 2022
($1 = 1.4000 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))