Australia's QMines drops on share placement

QMines

01/08/2022 05:27

** Shares of QMines Ltd  QML.AX  fall as much as 2.9% to
A$0.17, biggest intraday pct loss since July 15
    ** Mineral explorer says it got firm commitments to raise
A$2.1 mln ($1.47 mln) through placement of 13.8 mln new shares
 urn:newsml:reuters.com:*:nFWN2ZC012
    ** The issue price of A$0.15/shr represents a discount of
14.3% to stock's close price on Wednesday, after which it went
into a trading halt
    ** Company says funds raised will be used to accelerate
exploration at its Mt Chalmers project in Queensland
    ** Stock hits lowest since July 22
    ** About 235,878 shares change hands vs 30-day avg of 78,530
shares 
    ** Stock down 45.3% this year, as of last close

 ($1 = 1.4318 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))