Australia's Summit Minerals falls on share placement

Western Ridge Resources

10/07/2024 03:32

** Shares of Australia's Summit Minerals  SUM.AX  fall as
much as 10.2% to A$0.265
    ** Stock posts biggest intraday slide since July 2
    ** Mineral explorer announces A$2.5 mln ($1.7 mln) placement
at A$0.25/share, a 15.3% discount to last close
    ** Issue of 10 mln shares represent 0.3% of co's free float
of 33.7 mln shares - LSEG data
    ** Funds to be used for exploration program at Niobium and
Tantalum Equador Project in Brazil
    ** 1.8 mln shares change hands as of 0227 GMT, vs 30-day
average volume of 5.6 mln shares
    ** Stock up 198% YTD, as of last close

($1 = 1.4848 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))