Australia's Sacgasco hits 2-week low on discounted placement

Australian Oil

26/04/2022 03:52

April 26 (Reuters) -    ** Shares of oil and gas explorer
Sacgasco Ltd  SGC.AX  fall as much as 10.3% to A$0.026, hit
their lowest since April 8
    ** Co says http://www.sacgasco.com/wp-content/uploads/2022/04/26.04.2022-ASX-Capital-Raise-to-Buy-Well-Equipment-for-Philippines-Drilling.pdf
 it raised A$2.917 mln ($2.09 mln) via placement of 116.7 mln
shares 
    ** The placement price of A$0.025 is at a 13.8% discount to
stock's last close on April 20, after which Sacgasco shares went
into a trading halt
    ** Co says funds raised to be used to accelerate drilling
preparations in the Philippines 
    ** Stock posts its biggest intraday pct fall since April 8
    ** About 939,963 shares change hands, compared with the
30-day average volume of 851,433
    ** Sacgasco stock up 11.5%, as of last close

    ($1 = 1.3924 Australian dollars)

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))