<WIRE> Sky Metals (ASX:SKY) Faces Biggest Intraday Drop in Over a Month Due to Discounted Placement

Shares in Australia’s mineral exploration company, Sky Metals (ASX:SKY), tumbled by as much as 7.1% to A$0.039.

This marked the company’s largest intraday percentage decrease since the start of February.

Furthermore, this has brought its stock to its lowest point since March 5th.

Sky Metals also executed firm bids to boost its funds by A$4.2 million at an issue price of A$0.033 per share.

This issue price indicates a markdown of 21.4% compared to the stocks last closing value.

The issuing of 127 million shares approximates to around 0.3% of the company’s free-floating shares, which total at roughly 461.4 million, according to the data from the London Stock Exchange Group.

There were about 138,204 shares that were traded, which is compared to the 30-day average volume amounting to 442,699 shares.

Since the start of the year, the stock’s value has fallen by 16.7%, based on the last closing value.

Sky Metals is an Australia-based occurrence focused on the exploration and advancement of precious and base metals.

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