Australia's Riedel Resources slumps on discounted placement

Riedel Resources

29/09/2022 03:29

** Shares of Riedel Resources Ltd  RIE.AX  slip as much as
14.3% to A$0.006, their lowest since Sept. 20
    ** Mineral explorer says it received firm commitments to
raise A$1.5 mln ($972,300) in new equity via a placement of 300
mln shares
    ** Issue price of A$0.005 represents a 28.5% discount to
stock's last closing price of A$0.007
    ** Co says it will use placement funds towards diamond
drilling at the Kingman Gold Project in Arizona, United States
    ** Stock posts its biggest intraday pct fall since Sept. 15
    ** Stock down 46.15% this year as of last close
($1 = 1.5427 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))