Australia's Silver Mines hits near 4-week low on discounted placement

Silver Mines

05/08/2025 03:38

** Shares of Silver Mines SVL.AX fall 5.8% to A$0.1225, hitting their lowest level since July 11

** The silver explorer raises A$30 million ($19.38 million) via a placement at an issue price of A$0.12, a 7.7% discount to stock's last close

** Says funds will be used to advance progression at co's Bowdens project in New South Wales

** Adds co to also conduct a share purchase plan to raise an additional A$3 million

** More than 7.2 million shares change hands vs 30-day avg volume of around 5.9 million shares

** Stock up 57.1% YTD, including the day's moves

($1 = 1.5480 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

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