Australia's Red Metal slips to near 1-month low on discounted placement

Red Metal

15/09/2023 02:08

** Shares of Red Metal  RDM.AX  fall as much as 10% to
A$0.090, their lowest level since Aug 22
    ** Stock set for worst day since Aug 31, if losses hold 
    ** The mineral explorer to raise A$4.5 mln ($2.90 mln) at an
issue price of A$0.085 per share
    ** Issue price at a discount of 15% from last close on Sept
12
    ** Co adds proceeds to be allocated to develop and conduct
drill testing on co's projects
    ** Red Metal stock up 25% this year, as of last close

    ($1 = 1.5521 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))