Australia's Forrestania jumps on placement to fund WA lithium project

Forrestania Resources

07/10/2022 01:55

** Shares of Forrestania Resources Ltd  FRS.AX  rise as much
as 13.5% to A$0.21, on track to record their best day since Sept
5, if gains hold 
    ** The mining co says it received a placement to raise up to
A$2.7 mln ($1.73 mln) to advance lithium drilling and
exploration programs at the co's Forrestania project in Western
Australia  urn:newsml:reuters.com:*:nASX3NH6vs
    ** Says Forrestania Project is prospective for significant
lithium, gold and nickel discoveries
    ** Says placement at an issue price of A$0.15 per share that
is at a discount of 18.9% to stock's last close 
    ** More than 287,100 shares trade hand, compared with 30-day
average trading volume of 163,620 
    ** Co shares down 38.4% YTD, as of last close 
     ($1 = 1.5588 Australian dollars)
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))