Australia's Albion Resources jumps on raising capital to fund projects

Albion Resources

31/10/2022 04:54

** Shares of Albion Resources Ltd  ALB.AX  rise as much as 4.9%
to A$0.085, on track to see their best day since Oct 14, if
gains hold 
    ** Mineral explorer says co has also launched a 1 for 3
non-renounceable entitlement offer to raise approximately A$1.03
mln ($661,672.00)(before costs) at A$0.07 per share 
 urn:newsml:reuters.com:*:nASX8XF6LY
    ** Says it has received commitments to raise A$462,000
(before costs) via placement at A$0.07 per share which is at a
discount of 13.6% to stock's last close
    ** Says the proceeds from placement and entitlement will be
used towards exploration and development of the co's existing
projects, evaluation of new opportunities and working capital 
    ** More than 162,510 shares trade hand compared to 30-day
average trading volume of 15,000 shares  
    ** Shares of co are down 62.3% YTD as of last close 
($1 = 1.5567 Australian dollars)
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))