Australia's Superior Resources falls most in nearly two years on discounted placement

Superior Resources

18/12/2023 01:59

** Shares of Australia's Superior Resources  SPQ.AX  fall as
much as ~18.8% to A$0.013, marking their biggest intraday pct
drop since January 2022 
    ** Stock hits its lowest level since Oct. 29
    ** Mineral explorer receives firm commitments to raise A$2
mln ($1.34 mln) via placement at an issue price of A$0.012 per
share
    ** Issue price represents a discount of 20% to stock's last
close
    ** Issue of 166.7 mln shares represents 0.13% of co's free
float of 1.27 bln shares - LSEG data
    ** About 4.8 mln shares change hands by 0154 GMT, vs the
30-day average volume of 1.5 mln shares
    ** Stock down 71.4% YTD, as of last close

($1 = 1.4939 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))