Australia's Pacific Nickel Mines skids on discounted placement

Pacific Nickel Mines

17/10/2022 02:26

** Shares of Pacific Nickel Mines Ltd  PNM.AX  fall as much
as 16.9% to A$0.074, on track for their worst day since May 11,
if losses hold
    ** Nickel explorer says it arranged placement of 75.4 mln
shares to raise A$5.3 mln ($3.29 mln)  urn:newsml:reuters.com:*:nASX28CtGS
    ** Issue price of A$0.07 represents a 21.3% discount to the
last trade on Oct. 12.
    ** Stock hits lowest since Aug. 25
    ** More than 1.2 mln shares have changed hands, 4.7 times
their 30-day average volume of about 250,000 shares
    ** Stock has risen 8.5% this year, as of last close
($1 = 1.6088 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))