Australia's Sunstone Metals slides to over 4-year low on discounted placement

Sunstone Metals

09/09/2024 02:05

** Shares of Sunstone Metals  STM.AX  fall as much as 14.3%
to A$0.006, their lowest levels since June 30, 2020
    ** The mineral explorer says it raised A$2.5 mln ($1.67 mln)
to pursue resource growth and partnerships at its gold and
copper projects 
    ** Issue price of A$0.005 per new share at a 28.6% discount
to stock's last close
    ** Stock set for biggest intraday fall since Aug 30, if
losses hold      
    ** STM stock down 60% YTD 
    
   ($1 = 1.4997 Australian dollars)

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