Australia's Magnetic Resources sees worst day in 6-1/2 months on discounted placement

Magnetic Resources NL

20/02/2020 03:02

** Shares of Magnetic Resources NL  MAU.AX  fall as much as
13.9% to A$0.65, marking their biggest intraday pct loss since
Aug 8, 2019
    ** The gold explorer says it received binding applications
to raise about A$3 mln ($1.99 mln) at A$0.62 per share
 urn:newsml:reuters.com:*:nASX9rcBYJ
    ** Co says funds raised will be used to advance its gold
projects
    ** Proposed issue represents a discount of 17.9% to stock's
last close and 7.9% of free float
    ** Stock hits lowest since Feb 10
    ** Stock up 51% this year, as of last close

($1 = 1.5042 Australian dollars)

 (Reporting by R.R.Deepti Sri in Bengaluru)
 ((Deepti.sri@thomsonreuters.com))