Australia's African Gold slumps most in 2-1/2 years on discounted capital raise

African Gold

20/10/2022 04:33

** Shares of African Gold  A1G.AX  slump as much as 28.6% to
A$0.060, seeing their worst day in two and half years - if
losses hold 
    ** The West Africa-focused miner says it will undertake a
non-renounceable pro-rata offer to raise about A$2.4 million 
($1.50 million)
    ** Co says capital raised will be used to advance and expand
on a recently announced Exploration Target on the Didievi
Project in Côte d’Ivoire
    ** Issue price of A$0.05 per share is at a ~40.5% discount
to the last closing price on Oct. 19 
    ** Shares hit lowest since Apr. 15, 2020 
    ** Stock has fallen 54.6% this year, as of last close
($1 = 1.6036 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))