Australia's Stavely Minerals tumbles on discounted placement

Stavely Minerals

04/08/2025 03:47

** Shares of Stavely Minerals SVY.AX slump 11.8% to A$0.015, hitting their lowest level since July 11

** Stock eyes weakest trading session since July 21

** Mineral explorer receives binding commitments to raise A$1.9 million ($1.23 million) via a placement

** Issue price at A$0.014 per share, a 17.6% discount to stock's last close

** Says funds will be used for drilling and associated geochemical analysis at co's Fairview North and Fairview South gold prospects in Victoria

** More than 2.5 million shares change hands vs 30-day avg volume of 1.9 million shares

** Stock down 16.7% YTD, including the day's moves

($1 = 1.5437 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))