Australia's Galileo Mining falls on discounted placement

Galileo Mining

06/07/2022 02:14

** Shares of Galileo Mining  GAL.AX  fall as much as 3.4% to
A$1.28; set for their worst day since June 27, if losses hold 
    ** The mining co says it has received firm commitments to
raise A$20.4 million ($13.88 million) via a share placement
 urn:newsml:reuters.com:*:nFWN2YM12X
    ** Company has a market cap of $162.6 mln, per Refinitiv
data
    ** Says funds raised will be used for accelerating RC drill
programs at the Callisto palladium-nickel discovery in Western
Australia
    ** Issue price of A$1.20 per share is at 9.4% discount to
the last closing value on July 1, before shares went into a
trading halt 
    ** Stock has jumped nearly six-fold this year, as of last
close


($1 = 1.4697 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))