Australia's Xanadu Mines falls to 5-month low on discounted placement

Xanadu Mines

20/11/2023 01:16

** Shares of Xanadu Mines  XAM.AX  fall as much as 10.5% to
A$0.060, hitting their lowest level since June 15
    ** Stock last down 9%; faces worst day since Sept 28, if
losses hold
    ** Diversified miner says it received firm commitments to
raise A$4.3 mln ($2.80 mln) at an issue price of A$0.055 per
share
    ** Issue price represents discount of 17.9% to last close
    ** About 3.3 mln shares change hands, compared with the
30-day average volume of 1.6 mln shares
    ** Stock had more than doubled in value this year, as of
last close


($1 = 1.5366 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))