Australia's Peak Rare Earths hits over two-week low on discounted placement

Peak Rare Earths

01/05/2023 02:05

** Shares of Peak Rare Earths  PEK.AX  slump as much as
10.4% to A$0.560, their lowest since April 13 
    ** The rare-earths minerals co says it has received
commitments to raise A$27.5 million ($18.19 million) via a
two-tranche placement
    ** Co says funds raised will be used in the development of
the  Ngualla Rare Earth Project in Tanzania 
    ** Issue price of A$0.50 per share is at a 20% discount to
the last closing price on April 26, before going on a trading
halt 
    ** Shares see worst day since April 18 - if losses hold 
    ** Stock has risen ~45.4% this year as of last close


($1 = 1.5115 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))