Australia's Poseidon Nickel plummets to near 6-year low on discounted placement

Poseidon Nickel

07/08/2023 04:08

** Shares of Poseidon Nickel Ltd  POS.AX  fall as much as 
11.5% to A$0.023, lowest levels since Sept. 1, 2017
    ** The nickel sulphide miner says it received commitments
for placement of A$6 mln ($3.95 mln) 
    ** Adds that placement is for 297.5 million shares at A$0.02
per share, a 23.1% discount to the stock's last closing price
    ** POS says that funds raised will be used for exploration
drilling at Black Swan and Lake Johnston projects
    ** Stock posts its biggest intra-day fall since July 17
    ** Stock has fallen 35% this year as of last close


($1 = 1.5179 Australian dollars)

 (Reporting by Shivangi  Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))