Australia's Meteoric Resources falls most in 4 weeks on discounted placement

Meteoric Resources NL

04/04/2023 02:36

** Shares of Meteoric Resources NL  MEI.AX  fall as much as
17.2% to A$0.120, posting their biggest intraday pct drop since
March 3
    ** Diversified miner says it receives firm commitments to
raise A$25.0 mln ($16.96 mln) in a placement of 2.0 mln shares
at A$0.125 per share 
    ** Issue price represents a 13.8% discount to stock's last
close of A$0.145 on March 30
    ** Co says funds from placement to be used for exploration
and development of the Tier 1 Ionic Adsorption Clay Caldeira REE
Project in Brazil
    ** Stock hits its lowest since March 24
    ** Stock had more than doubled in value this year, as of
last close


($1 = 1.4741 Australian dollars)

 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@thomsonreuters.com))