Australia's RareX set for worst day in over 3 months on discounted share placement

Rarex

05/05/2023 03:29

** Shares of Australia's RareX Ltd  REE.AX  fall as much as
16.7% to A$0.050, set to mark worst day since Jan 31, if losses
hold 
    ** Stock hits lowest since March 27 
    ** The rare-earths explorer says co has received firm
commitments to raise A$4.0 mln ($2.68 mln) (before costs) via a
share placement at an offer price of A$0.045 per share   
    ** Offer price is a discount of 25% to stock's last close 
    ** RareX stock up 11.1% this year, as of last close

    ($1 = 1.4910 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))