Australia's Askari Metals falls on discounted placement

Highland Metals

20/11/2024 02:05

** Shares of Askari Metals  AS2.AX  fall as much as 15% to
A$0.017, its lowest level since Nov. 14
    ** The diversified miner receives commitments to raise
A$1.377 mln ($899,318.70) via placement at issue price of
A$0.016 per share
    ** Issue price represents a discount of 20% to stock's last
closing
    ** Funding will go towards continued exploration and
development of the Uis Lithium Project in Namibia - AS2
    ** After completion, AS2 plans to raise a further A$1.075
mln on same issue price as placement
    ** Near 1 mln shares change hands, vs 30-day average volume
of 220,490 shares
    ** Stock down 90.3% so far this year

($1 = 1.5312 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))