Australia's Horseshoe Metals falls most in 14 weeks on discounted placement

Horseshoe Metals

02/02/2023 23:59

** Shares of Horseshoe Metals Ltd  HOR.AX  slump as much as
12.5% to A$0.028, their biggest intraday pct loss since Oct. 27,
2022
    ** The mineral explorer says it has received firm
commitments for a placement to raise A$2 million ($1.41 million)
before costs
    ** Issue price of 2.5 AU cents per share is as a 21.9%
discount to last close on Jan. 31
    ** Says proceeds to be used to advance exploration &
development activities at Horseshoe Lights Copper-Gold Project
    ** Shares touch their lowest since Jan. 24
    ** Volumes are 2.8x the 30-day avg of 931,508 shares
    ** Stock gained 83.3% in 2022
($1 = 1.4136 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))