Australia's Strickland Metals slumps on discounted placement

Strickland Metals

03/02/2023 24:28

** Shares of Strickland Metals  STK.AX  drop as much as
10.8% to A$0.033, their lowest since Oct 12, 2022
    ** Mineral explorer says raising about A$4 mln ($2.83 mln)
before costs through placement of 125 mln fully paid ordinary
shares in co 
    ** Issue price of A$0.032 per share is at a 13.5% discount
to stock's last close on Jan 31
    ** Co says proceeds to be used for next phase of drilling
and resources growth at flagship Yandal project and regional
projects
    ** Stock posts biggest intraday pct drop since Oct 28, 2022
    ** Stock fell 45.2% in 2022
($1 = 1.4136 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))