Australia's Suvo Strategic Minerals hits 5-month low on discounted placement

Green360 Technologies

08/12/2022 24:27

** Shares of Suvo Strategic Minerals  SUV.AX  slip as much
as 10.9% to A$0.041, hitting their lowest since July 1
    ** Hydrous kaolin producer says it got firm commitments for
A$2 mln ($1.34 mln) through placement of 50 mln new shares 
    ** Issue price of A$0.04 per share represents a discount of
nearly 15% to stock's last close on Monday
    ** Stock posts its biggest intraday percentage fall since
Nov. 11
    ** About 1.4 mln shares change hands, compared with the
30-day average of more than 772,900 shares 
    ** Stock had fallen 63.2% this year, as of last close 
($1 = 1.4901 Australian dollars)
 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))