Australia's Butn falls most in 1-1/2 months on discounted placement

Butn

16/03/2023 24:48

** Shares of Butn Ltd  BTN.AX  dip as much as 7.9% to
A$0.175, posting their biggest intraday pct drop since Feb 3
    ** The B2B payments platform says it has agreed to place
12.3 mln new ordinary shares to raise A$2 mln ($1.32 mln) before
costs 
    ** Issue price of A$0.14 per new share is at 26.3% discount
to last close on March 15
    ** Co says proceeds will be used for working capital
purposes and supporting continued growth of the business
    ** Stock up 35.7% this year, as of last close

    ($1 = 1.5097 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))