Australia's Sovereign Metals set for worst day in 5 years on share placement

Sovereign Metals

26/03/2025 04:54

** Sovereign Metals' shares SVM.AX sinks 17% to A$0.810, set for weakest session since March 2020

** Miner to raise A$40 mln ($25.2mln) via placement of 47.1 mln shares at A$0.85 each

** Issues size about 12% of free float, per LSEG data, and price a 12.8% discount to last close

** Miner to use proceeds to develop Kasiya Rutile graphite project in Malawi

** About 2.9 mln shares traded in stock's busiest session since Sept 10, 2024

** Stock up 11.4% YTD, including current session's moves

($1 = 1.5853 Australian dollars)

 (Reporting by Manasi Dasa in Bengaluru)

 ((Manasi.DasaSundeep@thomsonreuters.com))