Australia's Maronan Metals tumbles on discounted placement

Maronan Metals

16/05/2024 02:20

** Shares of Maronan Metals  MMA.AX  fall as much as 11.7%
to A$0.265, their biggest intraday percentage decline since May
2
    ** Stock hits its lowest level in one week
    ** The silver explorer says it has raised A$5.7 mln ($3.83
mln) via placement at issue price of A$0.24 per share
    ** Issue price represents a 20% discount on co's last close
on Monday
    ** Shares were on a trading halt on Tuesday and Wednesday 
    ** About 499,000 shares change hands, compared with the
30-day average volume of around 118,600
    ** Stock up 13.2% YTD, based on last close
   
    ($1 = 1.4899 Australian dollars)

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