Australia's M3 Mining drops on discounted placement

M3 Mining

06/02/2024 24:42

** Shares of M3 Mining  M3M.AX  fall as much as 4.8% to
A$0.060, set for worst day since Jan 9, if losses hold     
    ** Mining explorer announces placement to raise A$2.2 mln
($1.43 mln) at an issue price of A$0.06 per share
    ** Issue price at a 4.8% discount to stock's last close
    ** Placement will be used to fund exploration, as well as
for allocation to review potential acquisitions - co
    ** Stock hits lowest level since Jan 15
    ** Nearly 213,300 shares change hands, compared with the
30-day average volume of 100,332
    ** Stock down 3.1% YTD, as of last close

($1 = 1.5434 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))