BUZZ-Australia's Xanadu Mines hits 6-week low on discounted placement

Reuters2024-11-05

** Shares of Xanadu Mines fall as much as 12.5% to A$0.056, their lowest since Sept. 24

** Mineral explorer says it has received commitments to raise A$5.5 mln ($3.62 mln) via placement of ~100 mln shares

** Issue price of A$0.055 per share represents ~14% discount to stock's last close

** Co says funds will be used for Red Mountain Copper-Gold Project and Sant Tolgoi Nickel-Copper Project, among others

** Stock posts its biggest intraday pct fall since Oct. 16

** Stock on track for a fourth straight session of loss, if current trend holds

** About 7 mln shares change hands, 3x the 30-day avg

** Stock down 3.4% YTD, as of 2350 GMT

($1 = 1.5191 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))

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