Australia's Poseidon Nickel hits over 2-yr low on discounted placement

Poseidon Nickel

01/12/2022 24:45

** Shares of Poseidon Nickel Ltd  POS.AX  slump as much as
12.2% to A$0.036, lowest since 5 Aug 2020
    ** The nickel sulphide explorer says commitments received to
place 171.5 mln new shares to raise A$6 mln ($4.08
mln) urn:newsml:reuters.com:*:nFWN32Q1X7
    ** Co also launches a share purchase plan (SPP) to raise a
further A$3 mln 
    ** Issue price of 3.5 mln shares for both is at a 14.6%
discount to last close on Nov 28
    ** Stock posts biggest intraday pct loss since Oct 31
    ** Volumes are 2.1x the 30-day average of about 5.8 mln
shares
    ** Stock has fallen 62.7% this year as of last close 
($1 = 1.4706 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))