Australia's Tennant Minerals slumps on discounted capital raise

Tennant Minerals

15/02/2023 03:44

** Shares of Tennant Minerals  TMS.AX  fall as much as 5.1%
to A$0.037, posting their biggest intraday pct loss since Jan.
30
    ** The minerals explorer says it has received firm
commitments for a capital raise of A$5 million ($3.47 million)
via issue of 142.9 million fully paid ordinary shares
    ** Issue price of A$0.035 per share is at a 10.3% discount
to last close on Feb. 10
    ** Says funds raised to be used for key drilling programs
and development studies at the Barkly Project in Northern
Territory, among others
    ** Shares touch their lowest level since Feb. 3
    ** Stock has risen 25.8% this year, as of last close
    ($1 = 1.4397 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))