Australia's Black Mountain Energy hits near 1-month low after entitlement offer

Black Mountain Energy

20/02/2023 02:26

** Shares of Black Mountain Energy Ltd  BME.AX  slump as
much as 22.5% to A$0.031, their lowest level since Jan. 25
    ** The oil and gas explorer says it is launching a pro rata
renounceable entitlement offer to raise up to A$4.25 million 
($2.92 million)
    ** Offer price of A$0.025 per new share is at a 37.5%
discount to last close on Feb. 17
    ** Says proceeds of the capital raise to be used for
acquisition of the Half Moon Prospect in New Mexico, U.S., among
others
    ** Shares post their biggest intraday pct loss since Jan. 31
    ** Stock has risen 14.3% this year, as of last close
($1 = 1.4537 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))