Australia's Red Metal hits near 8-mnth low on discounted share purchase plan

Red Metal

24/09/2024 01:43

** Shares of Australia's Red Metals  RDM.AX  fall as much as
16% to A$0.105, its lowest level since Jan 31
    ** Stock posts its biggest intraday pct fall since Feb 6
    ** Mineral explorer says share purchase plan (SPP) targeting
to raise A$2.0 mln ($1.37 mln) at an issue price of A$0.10 per
share
    ** Issue price at a discount of 20% to stock's last closing
    ** Adds proceeds from SPP to be used for drilling at its
projects
    ** Stock has risen 11.7% YTD as of 0038 GMT


($1 = 1.4643 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))