Australia's Sultan Resources hits near-4-yr low on discounted placement

Sultan Resources

17/03/2023 04:10

** Shares of Sultan Resources Ltd  SLZ.AX  fall as much as
16.4% to A$0.046, lowest since June 19, 2019
    ** Mineral explorer says it is raising capital of A$1.5 mln 
($1.01 mln) via placement of up to 30 mln fully paid ordinary
shares
    ** Issue price of A$0.05 per share is at 9.1% discount to
last close on March 13   
    ** Co adds placement funds will be used for two Canadian
projects (Kember Lake lithium project in North Western Ontario &
Ruddy lithium project in Ontario)
    ** Says funds will also be used for follow-up drilling of
co's existing Kulin Hill nickel/cobalt project in Western
Australia and exploration of Lachlan Fold Belt projects in New
South Wales
    ** Stock posts biggest intraday pct fall since Dec. 13
    ** More than 995,000 shares change hands, vs 30-day average
volume of 254,000 shares
    ** Stock has fallen 35.3% this year, as of last close
    

($1 = 1.4914 Australian dollars)

 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@thomsonreuters.com))