Australia's Sunstone Metals hits over 2-1/2-year low on discounted placement

Sunstone Metals

13/12/2023 24:28

** Shares of Sunstone Metals  STM.AX  slump as much as 20%
to A$0.012, hitting their lowest since March 11, 2021 
    ** Stock set to see worst day since June 2 - if current
trend holds 
    ** The diversified miner says it has received firm
commitments to raise about A$5 million ($3.28 million) via share
placement 
    ** Issue price of A$0.012 per share is at about a 20%
discount to its previous close on Dec 8 
    ** Co says capital raised will be used to fund targeted
exploration at both Bramaderos and El Palmar projects, both in
Ecuador 
    ** Around 6.1 mln shares change hands, 2.2 times compared
with the 30-day average volume of 2.7 mln 
    ** Stock has fallen ~61.5% this year as of last close


($1 = 1.5232 Australian dollars)

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