Australia's WA1 Resources slumps on discounted placement

WA1 Resources

11/07/2024 01:36

** Shares of WA1 Resources  WA1.AX  slump as much as 11.6%
to A$16.65, set to see their worst day since June 21, if losses
hold 
    ** Diversified miner says it has received firm commitments
to raise A$60 mln ($40.51 mln) via a share placement 
    ** Issue price of A$17 per share is at a 9.8% discount to
the last closing price on July 9 
    ** Co says funds raised will be used to advance its West
Arunta carbonatite project in Western Australia
    ** Shares hit lowest level since June 26, set to fall for
fourth straight session 
    ** Stock had risen ~51.9% this year, as of last close

($1 = 1.4813 Australian dollars)

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