Australia's Northern Minerals slumps on discounted placement

Northern Minerals

30/08/2023 02:13

** Shares of Northern Minerals  NTU.AX  slide as much as
6.1% to A$0.031, their lowest since July 3
    ** The diversified miner raises A$25 mln ($16.20 mln) via a
placement 
    ** Issue price of A$0.03 per share represents a discount of
9.1% to the last closing price of A$0.033 on Aug 28
    ** Says placement proceeds will be used for critical
minerals grant development programmes, among others
    ** About 2.8 mln shares change hands, thrice compared with
the 30-day average volume 
    ** Stock set to lose most since July 3, if losses hold 
    ** Stock down 21.4% this year, as of last close

    ($1 = 1.5437 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com))