Australia's Rafaella Resources hits record low on discounted placement

Pivotal Metals

27/07/2022 03:19

** Shares of mineral explorer Rafaella Resources  RFR.AX 
fall as much as 16.7% to an all-time low of A$0.025 
    ** Co announces placement to raise A$2.1 mln ($1.45 mln) at
A$0.023 per share  urn:newsml:reuters.com:*:nASX9Pg8rN
    ** Issue price represents a 23.3% discount to stock's last
closing price
    ** Says funds will be used to continue development and
project financing work on Spanish tin and tungsten projects and
for exploration activities in Canada
    ** Volumes are twice the 30-day average of 401,816 shares
    ** As of last close, stock down 53.9% this year

    ($1 = 1.4449 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))