Straits Resources has completed a $30 million share placement, days after a planned $40 million asset sale fell apart.
Straits announced today it had completed a share placement to clients of Euroz Securities, priced at 62 cents per share.
The company’s stock has fallen 10 per cent on the Australian Securities Exchange today, trading at 61 cents at 2:20pm, WST.
Earlier last month Straits stocks were trading largely around 60 cents, before spiking to 75.5 cents around the start of May.
On Wednesday, Straits announced that Emu Nickel had bailed out of plans to purchase the Hillgrove antimony-gold project from Straits Resources for $40 million, after the suitor failed to raise sufficient funds to cover the purchase.
Today’s capital raising is believed to be unrelated to the Hillgrove transaction.