Australia's Ionic Rare Earths tumbles on discounted placement

Ionic Rare Earths

26/11/2024 01:03

** Shares of Ionic Rare Earths  IXR.AX  fall as much as
22.2% to A$0.007, posting their biggest intraday percentage
decline since Aug. 13
    ** Stock hits its lowest level since Sept. 27
    ** Rare earths explorer says it will raise A$1.7 mln ($1.10
mln) via placement at A$0.007 per share
    ** Issue price represents a 22.2% discount on co's last
close
    ** About 26.7 mln shares change hands, compared with the
30-day average volume of around 3.4 mln
    ** Stock down 73.1% YTD, including session's move




($1 = 1.5497 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com))