Metals Australia falls on discounted placement

Metals Australia

07/03/2022 05:06

** Shares of Metals Australia  MLS.AX  fall as much as 9.1%
to A$0.080, their worst intraday session since Feb 22 
    ** Co says it got a letter of firm commitments from  Peak
Asset Management for its Placement to raise 100 mln for A$7.8
million  ($5.78 million) (before costs)  urn:newsml:reuters.com:*:nFWN2V80EL
    ** The issue price of A$0.078 represents a discount of 11.4%
to co's closing price on Wednesday, after that shares went into
a trading halt 
    ** Co says funds raised will be used to accelerate its
exploration and developments of key battery mineral projects 
    ** As of last close, stock up more than two folds so far
this year    



($1 = 1.3486 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))