Australia's Itech Minerals drops to two-week low on discounted placement

Itech Minerals

02/09/2025 02:05

** Shares of Itech Minerals ITM.AX fall as much as 21.9% to A$0.05, their lowest level since August 19

** The mineral explorer set for its worst day since July 17, 2024, if losses hold

** Co to raise A$2 million ($1.30 million) to explore gold and antimony at Reynolds Range project in Northern Territory

** Says placement at issue price of A$0.05, a discount of 21.9% to stock's last close

** Co to raise an additional A$1 million via share purchase plan

** About 2.1 million shares traded, 1.1x the 30-day average

** YTD stock flat, including current session's move

($1 = 1.5389 Australian dollars)

 (Reporting by Ananya Verma in Bengaluru)

 ((ananya.verma@thomsonreuters.com;))