Australia's Stellar Resources surges after placement to advance tin project

Stellar Resources

24/05/2024 02:39

** Shares of Stellar Resources  SRZ.AX  rise as much as
14.3% to A$0.024, their highest since June 7, 2022 
    ** Stock posts its biggest intraday pct gain since April 12
    ** Mineral explorer and evaluator says to raise A$10 mln
($6.60 mln) through placement in order to accelerate drilling
and complete feasibility studies at the Heemskirk Tin Project in
western Tasmania
    ** Placement at A$0.019 per share, a discount of 9.5% to its
last closing price
    ** About 8.9 mln shares change hands, compared with the
30-day average volume of 5.5 mln
    ** Stock has risen 200% this year, as of last close


($1 = 1.5147 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))