Australia's Platina Resources drops on discounted capital raise

Platina Resources

12/08/2022 02:39

** Shares of Platina Resources Ltd  PGM.AX  slip as much as
12.5% to A$0.032 in their worst intraday pct drop since June 14
    ** Mineral explorer announces share issuance to raise A$2.23
mln ($1.58 mln) to expand its Western Australia gold portfolio
 urn:newsml:reuters.com:*:nFWN2ZN9I7
    ** Says it will issue 89 mln ordinary shares at a price of
A$0.025/share, a near 31% discount to the stock's last close
    ** Adds it will use the funds to progress its alloy
development programme and secure mining licence for its scandium
project in New South Wales
    ** About 1.6 mln shares change hands, compared with the
30-day average volume of 256,000 shares
    ** Stock down about 43% this year, as of last close


($1 = 1.4100 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))