Australia's Empire Energy Group hits 2-year low on discounted share placement

Beetaloo Energy Australia

06/06/2022 04:23

** Shares of oil and gas co Empire Energy Group  EEG.AX 
fall as much as 19.2% to A$0.210, their lowest since May 15,
2020
    ** Co raises A$27.5 mln ($19.80 mln) via placement at A$0.22
per share  urn:newsml:reuters.com:*:nASX1NCWHt
    ** Issue price represents a 15.4% discount to stock's last
closing price
    ** Co says it also intends to launch a A$2.5 mln share
purchase plan at the same issue price as placement
    ** Shares mark their worst intraday pct fall since March 20,
2020
    ** More than 2.5 mln shares trade hands, 11.2 times the
30-day average of 227,518 shares
    ** As of last close, stock down 23.5% this year

($1 = 1.3891 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))