Strandline Resources slips most since late-Jan on discounted placement

Strandline Resources

06/04/2022 02:14

** Shares of Strandline Resources Ltd  STA.AX  slip as much
as 11.3% to A$0.430, their biggest intraday pct loss since Jan.
25
    ** The nickel miner says it has received firm commitments to
raise A$50 mln ($37.90 mln) via a share placement  urn:newsml:reuters.com:*:nFWN2W3100
    ** Co says capital raised will be predominantly used to fund
the near-term development of its Fungoni mineral sands project
in Tanzania, among others 
    ** Issue price of A$0.43 per share is at a 11.3% discount to
the last closing price on April 4
    ** Shares hit lowest since March 25
    ** Stock has risen 73.2% this year, as of last close

($1 = 1.3194 Australian dollars)

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