Australia's M3 Mining falls on discounted placement

M3 Mining

29/09/2022 03:00

** Shares of Australia's M3 Mining Ltd  M3M.AX  fall as much
as 3.6% to A$0.135, their lowest since Sept 8
    ** Mineral explorer announces non-renounceable entitlements
issue to raise up to A$1.1 mln ($714,230) urn:newsml:reuters.com:*:nASXb06XKm
    ** Says placement on the basis of 1 new share for every 4
shares at issue price of A$0.12 per share, a discount of 14.3%
to stock's last close of A$0.14
    ** Stock posts its biggest intraday pct fall since Sept 21
    ** Stock had fallen 52.5% this year, as of last close
($1 = 1.5401 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))