Australia's Saturn Metals falls on discounted capital raising

Saturn Metals

16/10/2023 05:43

** Shares of Saturn Metals  STN.AX  fall as much as 18.8% to
A$0.130, set for worst day since Jan 28, 2021, if losses hold
    ** Stock hits its lowest since March 3
    ** Co receives commitments to raise A$6 mln ($3.79 mln) via
share placement to advance its Apollo Hill gold project
    ** Issue price of A$0.125 per share represents a 21.9%
discount to stock's last closing price
    ** Co adds that Australian miner Lion Selection Group
 LSX.AX  will take a cornerstone investment with A$3 mln
commitment
    ** Says share purchase plan to be offered to existing
shareholders to raise up to an additional A$2 mln 
    ** Saturn Metals stock down 11% this year, as of last close

    ($1 = 1.5815 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((sherin.sunny@thomsonreuters.com))