Australia's TG Metals falls most in over a week on discounted placement

TG Metals

27/11/2023 04:16

** Shares of TG Metals  TG6.AX  fall as much as 17.8% to
A$0.830; set for worst day since Nov. 17, if losses hold
    ** Mineral explorer to raise A$10 mln ($6.51 mln) in a
placement of about 13.3 mln shares at A$0.75 per share on Dec. 4
    ** Placement to be at a discount of 25.7% to its last close
on Nov. 22
    ** Proceeds from placement will be used in exploration at
recent high-grade lithium discovery at Burmeister Prospect and
other high-priority targets within Lake Johnston Project in
Western Australia
    ** Co was on a trading halt on Nov. 23 and Nov. 24
    ** Stock has risen 861.9% so far this year, as of last close


($1 = 1.5366 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((sneha.kumar@thomsonreuters.com;))