Australia's Power Minerals slumps on discounted placement

Power Minerals

29/04/2025 04:52

** Shares of Power Minerals PNN.AX fall 15.3% to A$0.061, their lowest level since April 16

** Stock set for its weakest session since March 26, 2024, if current trends hold

** Lithium explorer receives commitments to raise A$1.3 million ($834,340.00) via placement to commence niobium and REE exploration at the Santa Anna Niobium Carbonatite Project in Brazil

** Issue of 21.7 mln shares at A$0.06 apiece, represents a 16.7% discount on co's last close

** About 2 mln shares traded in stock's busiest session since September 30, 2024

** Stock down 33.7% YTD, including current session's moves

($1 = 1.5581 Australian dollars)

 (Reporting by Manasi Dasa in Bengaluru)

 ((Manasi.DasaSundeep@thomsonreuters.com;))