Australia's Sabre Resources drops most in 3 weeks over discounted placement

Sabre Resources

30/10/2023 01:08

** Shares of Australian miner and explorer Sabre Resources
 SBR.AX  fall as much as 12.5% to A$0.042, their biggest
intraday pct drop since Oct 9
    ** Sabre stock at its lowest level since Oct 24
    ** Co says it raised A$2.6 mln ($1.65 mln) in a heavily
oversubscribed placement
    ** Issue price of A$0.04 per share represents a discount of
16.6% to stock's last close
    ** Co says funds to be used for new lithium exploration
programs and advance nickel sulphide and uranium projects
    ** Issue of 65 mln shares represent 0.37% of co's free float
of mln shares - LSEG data 
    ** Stock up 26.3% YTD, as of last close

    ($1 = 1.5760 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com;))