Australia's Maximus Resources tumbles on discounted placement

Maximus Resources

29/04/2024 06:15

** Shares of Maximus Resources  MXR.AX  fall as much as
18.4% to A$0.031, posting their biggest intraday percentage
decline since Dec. 14, 2023
    ** Stock hits its lowest level since April 5
    ** Gold and lithium explorer says it will raise A$3.2 mln 
($2.11 mln) via an entitlement offer at A$0.03 per share
    ** Offer price represents a 21.1% discount to stock's last
close on April 23
    ** Co says proceeds will be used to accelerate gold-focussed
exploration drill programmes and development works across its
Spargoville Gold projects
    ** Trading in shares had been halted since April 24
    ** About 1.8 mln shares change hands, compared with the
30-day average volume of about 636,100
    ** Stock up 8.6% YTD, as of last close

($1 = 1.5200 Australian dollars)

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