Australia's Prospect Resources falls on discounted placement

Prospect Resources

02/08/2024 02:43

** Shares of Prospect Resources  PSC.AX  fall as much as
12.7% to A$0.096, their lowest since April 10 
    ** Stock posts its biggest intraday pct drop since July 3
    ** Battery metals miner says it'll raise A$8 mln ($5.19 mln)
via placement at A$0.10 per share
    ** Issue price at a 9.1% discount to stock's last close
    ** Co says it'll undertake non-underwritten share purchase
plan at the same issue price to raise A$2 mln
    ** Adds proceeds will be used to advance the Mumbezhi copper
project in north-western Zambia
    ** About 1.1 mln shares change hands, compared with the
30-day average volume of 390,907
    ** Stock had risen 23.6% this year, as of last close

($1 = 1.5408 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))