Australia's First AU falls most in nearly 3 months on discounted placement

First Au

13/10/2021 06:05

** Shares of First AU  FAU.AX  decline as much as 14.3% to
A$0.012, set for their worst session since July 19
    ** Precious and base metals explorer raises A$1.84 mln
($1.35 mln) at A$0.012 per share
    ** Issue price represents a discount of 14.3% to Oct. 8
close
    ** Co issues up to 153.7 mln shares, representing 25% of
shares outstanding
    ** Funds will be used to fast-track exploration activities
at FAU's projects in East Gippsland, Victoria and Mabel Creek
Project, South Australia
    ** 12.8 mln shares change hands, 6x the 30-day average
volume of 2.1 mln: stock down 26.3% YTD, as of Oct. 8 close


($1 = 1.3626 Australian dollars)

 (Reporting by Aneetta Thomas in Bengaluru)
 ((Aneetta.Thomas@thomsonreuters.com;))