Australia's Thomson Resources drops most in over 3 months on discounted placement

Silver Metal

01/08/2022 04:11

** Shares of Thomson Resources  TMZ.AX  sink as much as
14.3% to A$0.024, their biggest intraday loss since April 19 
    ** The diversified minerals explorer says it has entered
into a A$2.25 million ($1.57 million) share placement with Ling
Global Fund II  urn:newsml:reuters.com:*:nFWN2ZB00L
    ** Co says funds raised is to continue progress in its New
England Fold Belt Hub and Spoke Strategy, which is focussed on
bringing together New Economy Metals like silver in a number of 
deposits in northern New South Wales and southern Queensland,
Australia
    ** Issue price of A$0.0198 per share is at a 29.3% discount
to the last closing price on July 29, after which trading was
halted 
    ** Shares hit lowest since July 27 
    ** Stock has fallen 60.6% this year as of last close

($1 = 1.4298 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))