Australia's Sky Metals eyes worst day in near 4 months on discounted placement

Sky Metals

29/10/2021 04:25

** Shares of Sky Metals Ltd  SKY.AX  drop as much as 11.2%
to A$0.087, mark their steepest intraday pct fall since July 6
    ** The mineral explorer says it has received firm
commitments to raise A$5.6 mln ($4.22 mln) to accelerate
drilling at its Doradilla tin-copper project in New South
Wales urn:newsml:reuters.com:*:nASX6Wll9F
    ** Issue price of A$0.085 represents a 13.3% discount of
SKY's last closing price
    ** Placement of 65.9 mln new shares represents 21.2% of
shares on issue
    ** Stock set for its third consecutive session of losses,
hits lowest since Sept. 21
    ** Volumes are 1.9 times the 30-day average of 237,975
shares
    ** As of last close, SKY down 48.4% this year
    
    ($1 = 1.3266 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))