Australia's Suvo Strategic Minerals falls on discounted placement

Green360 Technologies

07/03/2022 02:15

** Shares of Suvo Strategic Minerals Ltd  SUV.AX  slip as
much as 8.2% to A$0.090, their lowest since Feb 18 
    ** Kaolin producer says it has received firm commitments to
raise A$7.5 mln ($5.57 mln) via a share placement  urn:newsml:reuters.com:*:nFWN2V80BQ
    ** Says it is also undertaking a share purchase plan to
raise further A$2 mln under the same terms as the placement
    ** Says funds to be used predominantly for the expansion of
it Pittong hydrous kaolin plant in Victoria, Australia, among
others
    ** Issue price of A$0.085 per share represents a 13.3%
discount to stock's March 2 close, when it last traded
    ** Stock to mark worst day since Feb. 22 if losses hold
    ** Stock down 27.4% this year, as of last close

($1 = 1.3457 Australian dollars)

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