Australia's Neometals slumps on discounted capital raise

Neometals

23/11/2023 02:28

** Shares of Neometals  NMT.AX  fall as much as 22% to
A$0.195, their lowest since Dec. 9, 2020
    ** Stock posts its biggest intraday pct drop since Oct. 30
    ** Battery materials maker says it has raised about A$9 mln 
($5.86 mln) via placement at an offer price of A$0.19 per new
share
    ** Says it will also raise up to A$13.1 mln via entitlement
offer at same price as placement
    ** Offer price represents 21.8% discount to stock's last
close on Monday
    ** Shares were on trading halt on Tuesday and Wednesday
    ** More than 1.3 mln shares change hands, compared with the
30-day average volume of about 1.1 mln
    ** Stock down 68.8% YTD, as of last close
($1 = 1.5366 Australian dollars)

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