The share value of Saturn Metals (ASX:STN) fell by almost 18.8% to A$0.130, poised for its worst day since January 28, 2021 if the losses persist.

The stocks reached a new low since March 3.

The company successfully secured commitments to raise A$6 million from a share placement to fund its Apollo Hill Gold project.

The issue price was posted at A$0.125 per share, a significant 21.9% markdown from the stock’s latest closing price.

Alongside this, Saturn added that the Australian mining company, Lion Selection Group (ASX:LSX), shall become a cornerstone investor with a contribution commitment of A$3 million.

There is a planned share purchase program catering to existing shareholders to raise an additional A$2 million.

As of the recent closing data, the stocks of Saturn Metals (ASX:STN) have declined by 11% this year.

Saturn Metals is a leading gold exploration company in Australia, notable for its Apollo Hill gold project.