Australia's BPH Energy hits over 2-month low on discounted placement

BPH Energy

09/02/2024 04:57

** Shares of BPH Energy  BPH.AX  fall as much as 11.8% to
A$0.034, their lowest since Nov. 29, 2023
    ** Shares on track for worst day since Jan. 29, if losses
hold
    ** Energy explorer says it has received binding commitments
to raise A$2.25 mln ($1.46 mln)
    ** Issue price of A$0.033 per share is at a discount of
13.2% to stock's last close on Feb 6
    ** Co says proceeds will be used to fund its hydrocarbon
projects, among others
    ** Stock had fallen 19.2% this year, as of last close

($1 = 1.5401 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))