Australia's Vulcan Energy slides most in 4 weeks on discounted placement

Vulcan Minerals

16/09/2021 04:12

** Shares of energy metals exploration Vulcan Energy
Resources  VUL.AX  slump as much as 9.43% to A$14.4 
    ** Stock posts steepest intraday pct drop since Aug 20
    ** Co completes A$200 mln ($146.58 mln) placement from
existing and new institutional investors, at A$13.50 per share
 urn:newsml:reuters.com:*:nASX5y9mh1
    ** Trading of stock halted on Tuesday pending announcement;
shares closed at A$15.9 on Monday, marking a 15.1% discount of
the placement 
    ** Funds raised to be used for acquisition, upgrade of
infrastructure, among others 
    ** About 1.9 mln shares change hands, compared with the
30-day average of about 1.5 mln shares 
    ** Vulcan stock up 476.09% so far this year, as of Monday's
close     

    ($1 = 1.3644 Australian dollars)

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))