Australia's QEM hits more than 3-year low on discounted rights issue

QEM

23/09/2024 03:06

** Shares of QEM  QEM.AX  fall as much as 23.1% to A$0.100,
their lowest since March 12, 2021 
    ** Stock posts its biggest intraday percentage decline since
Feb. 22, 2022
    ** Vanadium explorer announces a rights issue to raise up to
A$3 mln ($2.05 mln) at A$0.07 per share
    ** Issue price represents a 46.2% discount to stock's last
close
    ** About 323,000 shares change hands, compared with the
30-day average volume of around 36,000
    ** Stock down 44.4% YTD, including session's move

($1 = 1.4665 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))