Australia's Sunstone Metals slides on discounted placement

Sunstone Metals

03/05/2024 02:07

** Shares of Sunstone Metals  STM.AX  fall as much as 17.9%
to A$0.012, set for worst day since March 5, if losses hold     
    ** Mineral explorer says it is undertaking a A$6.3 million 
($4.14 million) capital raising to advance its
gold-copper-silver discoveries across projects
    ** Capital raising at A$0.011 per share, which is a 21.4%
discount to stock's last close
    ** Stock hit lowest level since March 25
    ** About 4.4 mln shares change hands, compared with the
30-day average volume of 3.7 mln
    ** Stock set for third straight weekly fall, if trend holds
    ** STM down ~6.7% YTD as of last close

($1 = 1.5214 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))