Australia's Bio-Gene Technology hits near 6-week low on discounted placement

Bio-Gene Technology

09/12/2021 02:46

** Shares of Bio-Gene Technology Ltd  BGT.AX  drop as much
as 7.5% to A$0.185, their lowest since Oct 29
    ** The agri-tech co says it has completed a capital raising
of A$3.2 mln ($2.29 mln) via share placement  urn:newsml:reuters.com:*:nFWN2ST100
    ** Issue price of A$0.17 per share is at a 15% discount to
stock's closing price on Dec 6, when it last traded
    ** Says funds raised from placement to be used for
advancement of toxicology studies and manufacturing improvement
programs for its flagship pesticide products
    ** Issuance of about 18.94 mln shares is ~17.62% of co's
free-float 
    ** Stock up 42.9% this year, as of last close


($1 = 1.3959 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))