Australia's Pacific Nickel at over 3-week low on discounted placement

Pacific Nickel Mines

29/10/2021 03:42

** Shares of Pacific Nickel Mines  PNM.AX  fall as much as
12% to A$0.110, their lowest since Oct 6
    ** The nickel explorer completes capital raise of A$5.25 mln
($3.96 mln) to fund operations at co's nickel projects in
Solomon Islands   urn:newsml:reuters.com:*:nFWN2RO2PO
    ** Issue price of A$0.10 represents a discount of 20% to
co's last close on Oct 26
    ** Co to offer 52.5 mln shares, representing 44.2% of co's
free float
    ** Stock hits lowest since Oct 15
    ** More than 694,000 shares traded vs their 30-day moving
avg of about 598,000 shares
    ** PNM stock up 160.4% so far this year, as of last close

    ($1 = 1.3261 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com))