Australia's Meeka Metals falls most in about 2 years on discounted placement

Meeka Metals

03/09/2024 06:16

** Shares of Meeka Metals  MEK.AX  drop as much as 14.5% to
A$0.053, their biggest intraday pct loss since Oct. 2, 2023
    ** The gold and rare earth co gets firm commitments for a
two-tranche placement of A$35 mln ($23.57 mln)
    ** Issue price of A$0.05/shr is a 19.4% discount to last
close on Aug. 29, before it halted trading; the co resumed
trading on Tuesday
    ** MEK says funds raised will be used to develop and ramp-up
the Murchison gold project in Western Australia, among others
    ** About 12 mln shares exchange hands vs the 30-day avg of
2.7 mln shares
    ** MEK up 55% YTD, as of last close

($1 = 1.4848 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))