Australia's Sierra Nevada Gold hits 4-wk low on discounted placement

Sierra Nevada Gold

18/10/2024 05:25

** Shares of Sierra Nevada Gold  SNX.AX  fall as much as
12.5% to A$0.049, their lowest level in ~4-weeks
    ** Gold explorer says it has received commitments to raise
A$2 mln($1.34 mln) via a placement of 40 mln shares
    ** Issue price of A$0.05 per share is at a discount of 10.7%
as of the last close
    ** Stock posts its biggest intraday pct fall since Oct. 4
    ** ~1 mln shares change hands, 1.4x the 30-day avg
    ** Stock down at 40% YTD, including current session, as at
0412 GMT


($1 = 1.4921 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))