Australia's Saturn Metals slides on discounted placement

Saturn Metals

31/03/2025 05:18

** Shares of Saturn Metals STN.AX slide 11.5% to A$0.23

** Stock fell as much as 13.5% to A$0.24 in early trade, their largest intraday pct decline since mid November 2024

** Gold explorer receives firm commitments to raise A$23 million ($14.44 million) via a placement

** Placement issue price at A$0.215 per share, representing a 17.3% discount to stock's last close

** Funds to be used to advance co's Apollo Hill project towards development, among others

** More than 539,000 shares change hands, 2.3 times the 30-day avg

** Stock up 12.2% YTD, including current session's moves

($1 = 1.5926 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))