Tiger Brokers

BUZZ-Australia's RareX drops on discounted placement

Reuters
Jan 27
BUZZ-Australia's RareX drops on discounted placement

** Shares of critical minerals miner RareX REE.AX fall as much as 14.7% to A$0.032, their lowest since January 9

** Stock posts biggest intraday pct decline since November 5

** Co receives firm commitments to raise A$5 million ($3.45 million) via a placement

** Placement issue price A$0.0275, a 19.1% discount to stock's last close

** Co says funds will be used for furthering drilling at its Khaleesi project in Western Australia, among others

** More than 6 million shares change hands vs 30-day average of around 3.9 million shares

** Stock nearly tripled in value last year

($1 = 1.4476 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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