Australia's Ionic Rare Earths slumps on discounted placement

Ionic Rare Earths

24/04/2024 04:34

** Shares of Australia's Ionic Rare Earths  IXR.AX  fall as
much as 22.2% to A$0.014, their lowest since Dec. 2020
    ** Non-gold precious metals miner receives commitments to
raise A$5.5 mln ($3.6 mln) (before costs) in placement
    ** Placement at issue price of A$0.013/share, a discount of
27.8% to stock's last close
    ** 27.4 mln shares change hands as of 0256 GMT, vs 30-day
average volume of 5.5 mln shares
    ** Stock down 30.8% YTD, as of last close

($1 = 1.5340 Australian dollars)

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