Australia's Askari Metals hits record low on discounted placement

Highland Metals

22/03/2024 24:59

** Shares of Australia's Askari Metals  AS2.AX  fall as much
as 22.6% to a record low of A$0.065
    ** Stock posts its biggest intraday pct fall since mid-May
2023
    ** Diversified miner raises A$1.6 mln ($1.05 mln) via
placement to expand exploration activity in Africa
    ** Placement at issue price of A$0.065 per share, which
represents a discount of 22.6% to stock's last closing
    ** Issue of 24.6 mln shares represents 0.5% of co's free
float of 48.4 mln shares - LSEG data
    ** Nearly 175,000 shares change hands by 0050 GMT, vs 30-day
average volume of 133,026 shares
    ** AS2 on track for a second straight weekly loss
    ** Stock down 52% YTD, as of last close

($1 = 1.5209 Australian dollars)

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