Australia's Amaero hits 2-1/2-year low on discounted capital raise

Amaero

01/11/2022 04:49

** Shares of Amaero international Ltd  3DA.AX  fall as much
as 9.3% to A$0.068, their lowest since March 25, 2020
    ** The manufacturing services provider says co to undertake
fully underwritten renounceable entitlement offer to raise up to
A$10.5 mln ($6.75 mln) urn:newsml:reuters.com:*:nASX2M9YYR
    ** The entitlement offer is priced at A$0.067 per share,
which is at a discount of 10.7% to stock's last close 
    ** Says funds raised will be used for restructuring costs,
operating activities and working capital
    ** Co has also signed non-binding term sheet to form joint
venture with Technology Holding Company LLC for the production
of titanium, aluminium and super alloy powders in the United
Arab Emirates
    ** More than 319,040 shares trade hands, compared with
30-day average trading volume of 223,610 shares 
    ** Amaero shares down 75.4% YTD, as of last close 
     ($1 = 1.5547 Australian dollars)
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))