Australia's Stavely Minerals hits 3-year low on discounted placement

Stavely Minerals

05/07/2022 01:49

** Shares of Stavely Minerals  SVY.AX  plunge as much as
22.5% to A$0.155, their lowest since Sept. 9, 2019
    ** The mineral resource co says it has received binding
commitments to raise A$4 million ($2.75 million) via a share
placement at A$0.15 per share    
    ** It also announces a share purchase plan to raise A$1.5
million at the same offer price 
    ** Offer price of A$0.15 per share is at a 25% to stock's
close on June 30, after which shares went into a trading halt
    ** Co says funds raised will be used for the next phase of
exploration and resource definition drilling at its Stavely
copper-gold project in Western Victoria
    ** Shares are set for their worst day since March 9, 2020 
    ** Stock has fallen about 63% this year, as of last close

($1 = 1.4556 Australian dollars)

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