Australia's Stellar Resources loses most in more than a year on discounted placement

Stellar Resources

20/10/2023 02:04

** Shares of Australian metals explorer Stellar Resources
 SRZ.AX  fall as much as 18.2% to A$0.009, marking their biggest
intraday pct drop since June 2022
    ** SRZ at its lowest level since April 3
    ** Co says received commitments for placing A$1 mln
($631,300.00)
    ** Issue price of A$0.009 per share represents a discount of
18.2% to stock's last closing
    ** Issue of 111.1 mln shares represents 16.34% of co's free
float of 679.6 mln shares - LSEG data
    ** Co says funds to be used to advance mining studies on
Heemskirk Tin Project in Tasmania Australia, exploration
programmes on West coast and NE Tasmania Project portfolio
    ** Stock down 15.4% YTD, as of last close

($1 = 1.5840 Australian dollars)

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