Australia's Northern Minerals hits 3-yr low on discounted placement

Northern Minerals

16/09/2024 02:22

** Shares of Australia's Northern Minerals  NTU.AX  fall as
much as 12.5% to A$0.021, their lowest level since Aug 2020
    ** Stock posts its biggest intraday pct fall since June 12
    ** The diversified miner to raise A$43 mln ($28.87 mln) via
two-tranche placement
    ** Says, will also offer A$5 mln share purchase plan (SPP)
    ** Placement and SPP at issue price of A$0.019 per share,
representing a discount of 20.8% to stock's last closing
    ** Proceeds from placement and SPP to be utilised to
progress Browns Range Heavy Rare Earth project towards
production, others
    ** Around 10.4 mln shares change hands, vs 30-day average
volume of 36.2 mln shares
    ** Stock down 30% YTD as of 0110 GMT
    
($1 = 1.4896 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))