Australia's Intra Energy Corp drops most in a month on discounted placement

Breakthrough Minerals

25/11/2021 01:09

** Shares of Intra Energy Corporation Ltd  IEC.AX  declines
as much as 7.7 pct to A$0.012, their worst intraday session
since Oct 27
    ** Coal explorer announces placement of about 187.5 mln
shares at A$0.008 each to raise A$1.5 mln($1.08 mln)
 urn:newsml:reuters.com:*:nASN001XE7
    ** As shares were placed in trading halt, issue price
represnts 38.4% discount as of Nov 1 close
    ** Also announces sale of Intra Energy Tanzania Ltd holding
co's coal interests in Tanzania to Mirambo Mining Ltd for $2 mln
in cash
    ** Says proceeds from sale and placement to be used for
exploration activities on IEC's existing assets and to assess
new exploration opportunities
    ** Stock trades at its lowest since Nov 1; 3,563,886 shares
change hands, 1.9x the 30-day average volume of 1,861,327  
    ** Stock has risen 30 pct this year, as of last close

($1 = 1.3875 Australian dollars)

 (Reporting by Aneetta Thomas in Bengaluru)
 ((Aneetta.Thomas@thomsonreuters.com;))