Australia's Silver Mines set for worst day in three years on discounted raise

Silver Mines

05/02/2024 24:08

** Shares of Silver Mines  SVL.AX  slump as much as 20.6% to
A$0.135, set for worst day in three years, if losses hold 
    ** The silver miner says it has completed a placement of A$8
mln ($5.20 mln) and will also conduct a share purchase plan to
raise more A$2 mln 
    ** Issue price for both placement and SPP of A$0.135 per
share is at 20.6% discount to the last traded price on Jan 31 
    ** Funds raised will be used for continued exploration in
co's New South Wales tenements, among others 
    ** Shares hit lowest since Feb 27, 2023 
    ** Stock has risen ~6.3% this year, as of last close

   ($1 = 1.5382 Australian dollars)

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