Australia's Sacgasco tumbles on discounted placement

Australian Oil

20/06/2024 04:03

** Shares of Sacgasco  SGC.AX  fall as much as 20% to
A$0.004, their lowest since June 7
    ** Stock posts its biggest intraday percentage decline since
June 7
    ** Oil and gas explorer says it will raise about A$734,000 
(~$489,500) via a share placement at A$0.0035 per share
    ** Issue price represents a 30% discount on stock's last
close
    ** About 4 mln shares change hands, compared with the 30-day
average volume of around 873,000
    ** Stock has tumbled about 64% YTD, including session's
moves

($1 = 1.4995 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))