Battery metals firm Australian Mines slides on discounted placement

Australian Mines

28/07/2021 06:28

** Shares of Australian Mines Ltd  AUZ.AX  decline as much
as 12.5% to A$0.021, their biggest one-day loss since June 18
    ** Battery metals explorer to raise A$6.5 mln ($4.8 mln) to
sample nickel and cobalt sulphate and acquire additional
tenements (https://bit.ly/3BNxGIa)
    ** Co to issue around 342.1 mln new shares under the
placement, which makes up 10% of its free float
    ** New shares priced at A$0.019 apiece, a discount of 20.8%
to stock's last close on July 26, after which co went on trading
halt
    ** AUZ shares at their lowest since July 2
    ** About 19.4 mln shares change hands, vs 30-day avg volume
of 11.4 mln
    ** Stock has added 53.3% this year, as of last close

($1 = 1.3600 Australian dollars)

 (Reporting by Yamini C S)
 ((Yamini.CS@thomsonreuters.com;))