Australia's St George Mining falls most in over 5 mths on discounted placement

St George Mining

09/11/2023 04:39

** Shares of Australia's St George Mining  SGQ.AX  fall as
much as 13.3% to A$0.039, biggest intraday fall since May 30
    ** Stock at its lowest level since Oct. 27
    ** The lithium miner says received commitments for placing
A$2 million ($1.28 mln) at an issued price of A$0.038 per share
    ** Issue price represents a discount of ~15.6% to stock's
last closing
    ** Issue of 52.6 mln shares represent 0.07% of co's free
float of 724.6 mln shares - LSEG data
    ** Adds China's Lithium-ion battery supplier Shanghai Jayson
New Energy Materials invests further A$3 mln at issue price of
A$0.038 per share 
    ** Shanghai Jayson New Energy Materials to become SGQ's
largest shareholder with holding of 11.73%
    ** SGQ and Jayson to collaborate on Mt Alexander Lithium
project in Western Australia
    ** Stock down 33.8% YTD as of last close

($1 = 1.5588 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com;))