Australia's Battery Minerals faces worst day in nearly 4 years on discounted placement

Waratah Minerals

06/06/2022 03:34

** Shares of Battery Minerals Ltd  BAT.AX  tumble as much as
 37.5% to A$0.005 - set to mark their worst session since June
2018, if losses hold
    ** Stock of the graphite-focused mineral explorer hits the
lowest since May 2020
    ** Co says it has received firm commitments for ~A$2 mln
($1.44 mln) in a share placement  urn:newsml:reuters.com:*:nFWN2XR03F
    ** Issue price of 0.65 Australian cents per share represents
an 18.8% discount to June 1 close when stock last traded
    ** Co says funds will be used for exploration programmes at
its Stavely Stawell copper-gold project in Victoria and Russells
copper project in the Kimberley, Western Australia
    ** 44.2 mln shares change hands, compared with the 30-day
average of 3.5 mln shares 
    ** Stock down 30.4% this year, as of last close     
($1 = 1.3881 Australian dollars)

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