Australia's Red Metal sees worst day in nearly 3 months on discounted placement

Red Metal

10/07/2020 04:50

** Red Metal Ltd  RDM.AX  falls as much as 13.9% to A$0.99,
posting its biggest intraday pct drop since April 16
    ** Base metals explorer says it has received commitments to
raise A$3 mln ($2.08 mln) to advance drilling on several wholly
owned projects  urn:newsml:reuters.com:*:nFWN2EG16X
    ** Placement at A$0.09 per share represents a 25% discount
to stock's last closing price
    ** Placement of 33.3 mln shares represents 24.2% of co's
free float
    ** Stock hits its lowest since July 1 
    ** About 557,000 shares change hands, compared with the
30-day average of about 142,000 shares
    ** Stock up 15% this year, as of last close

($1 = 1.4405 Australian dollars)

 (Reporting by Soumyajit Saha in Bengaluru)
 ((Soumyajit.Saha@thomsonreuters.com;))