Australia's Manuka Resources tumbles on discounted placement

Manuka Resources

09/05/2024 03:00

** Shares of Manuka Resources  MKR.AX  fall as much as 17.4%
to A$0.057, posting their biggest intraday percentage decline
since Nov. 29, 2022
    ** Stock hits its lowest level since Dec. 7, 2023
    ** Silver and gold miner says it will raise up to A$8 mln 
($5.26 mln) via placement at an issue price of A$0.06 per share
    ** Issue price represents a 13.4% discount on co's last
close on Monday
    ** Shares were on a trading halt on Tuesday and Wednesday
    ** About 2.4 mln shares change hands, compared with the
30-day average volume of around 473,000
    ** Stock down 10.4% YTD based on last close

($1 = 1.5198 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))