Australia's Reward Minerals slumps on $1.8 mln entitlement offer

Reward Minerals

13/02/2023 02:03

** Shares of Reward Minerals  RWD.AX  drop as much as 13% to
A$0.100, their lowest level since Dec 2, 2022
    ** The miner announces a capital raise of about A$2.6
mln($1.79 mln) via a pro-rata non-renounceable entitlement offer
    ** Offer on basis of 1 new share for every 6 shares held at
issue price of 8 AU cents per new share - a 30.4% discount to
stock's last close on Feb 2  
    ** Funds raised to be used to further develop co's new
potash processing technology and to advance KP Lake Project
    ** Biggest intraday pct loss since Feb. 2 
    ** Stock has risen 9.5% this year, as of last close
($1 = 1.4489 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))