Australia's Metal Hawk falls on discounted placement
24/11/2023 02:02
** Shares of Australia's Metal Hawk MHK.AX fall as much as
15.6% to A$0.19, their biggest intraday pct fall since Nov 9
** Stock at its lowest level since Nov 16
** The mineral explorer says it received commitments to
place A$3.5 mln ($2.28 mln) at an issue price of A$0.18 per
share
** Issue price represents a discount of 20% to stock's last
close
** Adds funds to expand lithium exploration and drilling
programmes at Yarmany project in Western Australia, in late 2023
and into 2024
** Issue of 19.4 mln shares represent ~0.6% of co's free
float of 34.3 mln shares - LSEG data
** Stock up 36.4% YTD, as of last close
($1 = 1.5366 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru)
((Roshan.Thomas@thomsonreuters.com;))