Australia's Highfield Resources hits 1-year low on discounted placement

Highfield Resources

12/12/2022 24:48

** Shares of Australia's Highfield Resources Ltd  HFR.AX 
fall as much as 14.5% to A$0.590, hitting lowest since Dec. 10,
2021 
    ** Mineral explorer receives firm commitments to raise A$13
mln ($8.80 mln) in a placement at an issue price of A$0.62 per
share 
    ** Issue price at a discount of 10.1% to stock's last close
of A$0.690 
    ** Co says proceeds will primarily be used to fund
construction activities at Muga Potash Project and finalise debt
funding arrangements
    ** Stock to mark worst session since Dec. 5, if losses hold
    ** HFR had fallen 23.3% this year, as of last close
($1 = 1.4767 Australian dollars)
 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))