Australia's Itech Minerals drops to record low on discounted capital raise

Itech Minerals

11/11/2022 24:05

** Shares of Itech Minerals  ITM.AX  drop as much as 13.9%
to a record low of A$0.280 
    ** The diversified miner says it has completed a placement
to raise about A$4.5 mln ($2.97 mln) via a share placement
 urn:newsml:reuters.com:*:nTUE1PX0J5
    ** Adds that share purchase plan will be offered to raise
further A$2 mln 
    ** Co says funds raised will be used for exploration in co's
Sugarloaf graphite prospect and Lacroma graphite prospect, both
in South Australia 
    ** Issue price of A$0.25 per share is at a 23.1% discount to
the last close price on Nov 8
    ** Itech stock up 62.5% this year, as of last close
    ($1 = 1.5131 Australian dollars)
 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))