Australia's Sultan Resources marks worst session in 1-1/2 years on discounted placement

Sultan Resources

25/01/2022 24:24

** Shares of Sultan Resources Ltd  SLZ.AX  plunge as much as
19.5% to A$0.165, their worst intraday session since June 12,
2020
    ** The gold explorer says it has received firm commitments
to raise A$2.2 mln ($1.57 mln) via a share placement
 urn:newsml:reuters.com:*:nFWN2U41EZ
    ** Issue price of A$0.16 per share is at a nearly 22%
discount to the co's last closing price, when it previously
traded on Jan 21
    ** Co says funds to be used for follow-up drilling at Lake
Grace nickel-cobalt project in Western Australia and 
exploration of copper-gold Lachlan Fold Belt tenure in New South
Wales
    ** Stock hits lowest level since Jan 11
    ** Stock down 25% in 2021

     ($1 = 1.3980 Australian dollars)

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