Australia's Red Mountain Mining hits record low on discounted placement

Red Mountain Mining

25/03/2024 02:43

** Shares of Red Mountain Mining  RMX.AX  fall as much as
50% to a record low of A$0.001
    ** Diversified miner says underwritten component of
entitlement offer has been increased to A$750,000 ($489,900)
from A$550,000 
    ** Co said on Friday it would raise A$891,192 at an issue
price of A$0.001 per new share, which represented a 50% discount
to stock's March 18 close
    ** Stock posts its biggest intraday pct fall since Jan. 19,
2018
    ** Stock down ~33% YTD, as of last close

($1 = 1.5309 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))