Australia's Dynamic Drill and Blast surges on securing funds for U.S. expansion

BWE Drilling

24/05/2021 01:53

** Dynamic Drill and Blast Holdings Ltd  DDB.AX  rises as
much as 17% to A$0.550, its highest since Feb. 18
    ** Drilling services provider says got commitments to raise
A$10 mln ($7.73 mln) by issuing 22.2 mln shares in the company
 urn:newsml:reuters.com:*:nASN00188A
    ** Says will some use funds to acquire U.S.-based Orlando
Drilling Pty Ltd and the rest for future growth plans
    ** A major shareholder of Orlando has subscribed for shares
worth 13.7% stake in DDB, co says 
    ** Stock posts its biggest intraday percentage gain in more
than three months
    ** ~180,000 shares change hands vs 30-day average volume of
34,774 shares
    ** Stock down 16.1% this year, as of last close


($1 = 1.2937 Australian dollars)

 (Reporting by Anushka Trivedi in Bengaluru)
 ((Anushka.Trivedi@thomsonreuters.com; +918061823241;))