Australia's Xanadu Mines hits 6-week low on discounted placement

Xanadu Mines

05/11/2024 24:16

** Shares of Xanadu Mines  XAM.AX  fall as much as 12.5% to
A$0.056, their lowest since Sept. 24
    ** Mineral explorer says it has received commitments to
raise A$5.5 mln ($3.62 mln) via placement of ~100 mln shares
    ** Issue price of A$0.055 per share represents ~14% discount
to stock's last close
    ** Co says funds will be used for Red Mountain Copper-Gold
Project and Sant Tolgoi Nickel-Copper Project, among others
    ** Stock posts its biggest intraday pct fall since Oct. 16
    ** Stock on track for a fourth straight session of loss, if
current trend holds
    ** About 7 mln shares change hands, 3x the 30-day avg
    ** Stock down 3.4% YTD, as of 2350 GMT


($1 = 1.5191 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))