Australia's Sultan Resources drops after announcing placement plan

Sultan Resources

27/10/2020 23:50

** Shares of Sultan Resources  SLZ.AX  slump as much as 3.7%
to A$0.26, their lowest since Oct. 21
    ** Gold explorer announces to raise https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02300321-6A1003763?access_token=83ff96335c2d45a094df02a206a39ff4
 A$2.4 mln ($1.71 mln) via a share placement of about 10.9 mln
shares
    ** Issue price of A$0.22 apiece represents an 18.5% discount
to co's last close
    ** Offer size is 63.1% of co's free float
    ** More than 4.3 mln shares change hands vs 30-day average
volume of just about 319,000
    ** Stock has more than quadrupled this year, as of last
close

($1 = 1.4027 Australian dollars)

 (Reporting by Deepali Saxena)
 ((Deepali.Saxena@thomsonreuters.com; Twitter:
@deepalisaxenas;))