Australia's QMines hits over 1-1/2-month low on discounted placement

Zenith Minerals

28/08/2023 04:47

** Shares of QMines Ltd  QML.AX  fall as much as 15.4% to
A$0.11, their lowest level since July 5
    ** Exploration co to raise A$3.0 mln ($1.93 mln) through a
placement
    ** Issue price of A$0.11 per share is at a 15.4% discount to
stock's last close 
    ** Separately, co announces acquisition of Develin Creek
Copper-Zinc Project in Queensland from Zenith Minerals Ltd
 ZNC.AX  
    ** Says acquisition for A$4.5 mln 
    ** Co sees biggest intraday fall since Aug 21
    ** Shares of co are down 21.2% YTD as of last close 
   


($1 = 1.5564 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))