Australia's Trek Metals slumps on discounted placement

Trek Metals

25/05/2023 03:14

** Shares of Trek Metals  TKM.AX  slump as much as 15.4% to
A$0.063, seeing their worst day since Nov 9 - if losses hold
    ** The copper explorer says it has received firm commitments
for the placement to raise up to A$7.5 million  ($5.09 million)
 urn:newsml:reuters.com:*:nFWN37L25J
    ** Funds raised will be used to accelerate exploration
activity across Trek's Pilbara portfolio, including a maiden
drilling campaign at the Tambourah Lithium Project 
    ** Issue price of A$0.06 per share is at a 20% discount to
the last trading price of May 23 
    ** Shares hit lowest since May 12 
    ** Stock has fallen 2% this year, as of last close


($1 = 1.4743 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))