Australia's Summit Minerals falls on discounted placement

Western Ridge Resources

27/05/2024 04:06

** Shares of Summit Minerals  SUM.AX  fall as much as 9.3%
to A$0.195, set for worst day since May 15, if losses hold
    ** Miner says it has undertaken an A$2 million ($1.33
million) placement to accelerate Brazilian Niobium and rare
earth elements exploration activities 
    ** Issue price of A$0.185 per share is at a 13.95% discount
to stock's last close
    ** Stock hits lowest since May 22
    ** SUM up 117.25 YTD as of last close

($1 = 1.5074 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))