Australia's Sunstone Metals hits near 2-month low on discounted placement

Sunstone Metals

15/05/2023 02:01

** Shares of Sunstone Metals Ltd  STM.AX  dip as much as
6.9% to A$0.027, hitting their lowest level since March 27
    ** Miner says it has received firm commitments for A$12
million ($8.14 million) via a share placement 
    ** Issue price of 2.6 AU cents per share is at a 10.3%
discount to last close on May 10
    ** Proceeds of the placement will be used to fund
exploration at the Bramaderos gold-copper project in southern
Ecuador, among others 
    ** Shares post their biggest intraday pct loss since May 1
    ** STM stock down 19.4% YTD, as of last close
    
($1 = 1.4743 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))