Australia's Star Minerals falls on discounted rights issue

Star Minerals

04/11/2024 02:38

** Shares of Australia's Star Minerals  SMS.AX  fall as much as
9.1% to A$0.050, their biggest one-day pct decline since
late-Sept
    ** Stock at its lowest level since Sept. 27
** Mineral explorer announces renounceable rights issue to raise
up to A$2.5 mln ($1.65 mln) at A$0.04 per share, which
represents a discount of 27.3% to stock's last close
    ** Funds to be used to enable co to commence exploration
activity at the Cobra Project-Namibia project, co says
    ** Stock has risen 25% this year, as of 0223 GMT
     
    ($1 = 1.5147 Australian dollars)

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