Australia's Petratherm gains on raising funds to expedite titanium project

PTR Minerals

17/09/2024 04:59

** Shares of Petratherm Ltd  PTR.AX  rise as much as 16.3%
to A$0.050, their highest level since Nov. 29 last year
    ** PTR on track for best day since Sept. 11 if current gains
hold
    ** Trading in shares was halted on Monday pending capital
raising announcement
    ** More than 2.1 mln shares change hands, vs the 30-day
average of around 520,000 shares
    ** Australian copper-gold and rare earths explorer says it
raised A$1.6 mln ($1.08 mln) via share placement to accelerate
exploration of Muckanippie titanium project in South Australia
    ** Share placement at A$0.035 apiece, a discount of 18.6% to
last closing value on Sept. 13
    ** Co also resolves to offer share purchase plan to raise up
to an additional A$1 mln
    ** Funds raised will be used at Muckanippie and other copper
projects

($1 = 1.4826 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))