Australia's Power Minerals falls on discounted placement

Power Minerals

08/07/2024 01:59

** Shares of Power Minerals  PNN.AX  fall as much as 16.1%
to A$0.130, set to lose most since June 12 - if current trends
hold
    ** Mineral resources explorer raises A$2.4 million ($1.62
million) at issue price of A$0.14 per share
    ** Adds, issue price is at 9.7% discount to stock's last
close
    ** Stock hits lowest level since June 27
    ** Stock is down 26.2% this year as of last close

($1 = 1.4835 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))