Australia's Viridis Mining and Minerals tumbles on discounted placement

Viridis Mining and Minerals

14/10/2024 02:17

** Shares of Viridis Mining and Minerals  VMM.AX  fall as
much as 9.6% to A$0.52, their lowest since Sept. 1, 2023 
    ** Stock on track for worst day since Oct. 3, if current
losses hold
    ** Diversified minerals explorer and developer announces
successful undertaking of two-tranche equity placement, securing
A$4 mln ($2.69 mln) from new and existing institutional
investors at $0.52 per share
    ** Offer price represents a discount of nearly 10% to
stock's last close 
    ** Co says funds will be used to accelerate work at the
Colossus REE Project in Brazil 
    ** About 1.6 mln shares change hands, compared with the
30-day average volume of 106,767 shares


($1 = 1.4850 Australian dollars)

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