Australia's Magnetic Resources drops after discounted placement

Magnetic Resources NL

03/09/2020 02:07

** Shares of Magnetic Resources NL  MAU.AX  fall as much as
10.2% to A$1.50, their biggest intraday percentage fall since
April 28 
    ** Gold explorer raises A$7.1 mln ($5.20 mln) via placement
of about 5.2 mln shares at A$1.38 each - a 17.4% discount to
stock's last close  urn:newsml:reuters.com:*:nASXch4rTf
    ** Issue size represents 7.7% of co's free float as of Aug 1
    ** Stock hits lowest since Aug 5
    ** MAU had more than trebled in value this year, as of last
close
    
    


($1 = 1.3644 Australian dollars)

 (Reporting by Nikhil Subba in Bengaluru)
 ((Nikhil.Subba.thomsonreuters.com@reuters.net))