Australia's Vital Metals falls on discounted placement

Vital Metals

01/08/2022 03:21

** Shares of Vital Metals Ltd  VML.AX  fall as much as 3.5%
to A$0.042, marking their sharpest intraday pct loss since July
19
    ** Rare earth producer says it raised A$5 mln ($3.49
mln)through an issue of 1.13 bln new shares  urn:newsml:reuters.com:*:nFWN2ZC03M
    ** The issue price of A$0.04 per share represents a discount
of nearly 7% to the stock's last close on Wednesday after which
shares went into trading halt 
    ** Co says funds raised will be used to finalise
construction and ramp up operations, among other things at its
rare earth extraction facility in Saskatoon
    ** About 9 mln shares change hands, compared with the 30-day
average of 6.1 mln shares 
    ** Stock had fallen 20.4% this year, as of last close 
    
($1 = 1.4314 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))