Australia's Torque Metals sheds on discounted placement

Torque Metals

21/03/2024 02:02

** Shares of Torque Metals  TOR.AX  fall as much as 20% to
A$0.120, hitting their worst level since Sept 1 
    ** The mineral explorer receives commitments to raise a
total of A$3.75 mln ($2.48 million) through placement at issue
price of A$0.13 per share
    ** Co says placement is at 13.3% discount to stock's last
losing price 
    ** Adds funds from placement will be used at exploring New
Dawn Lithium and the Paris Gold projects, among others
    ** Stock posts its biggest intraday pct fall since Oct 19
    ** Torque stock down 31.8% this year, as of last close

    ($1 = 1.5113 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))