Australia's De Grey Mining hits 10-month low on discounted placement

De Grey Mining

02/10/2023 05:53

** Shares of De Grey Mining  DEG.AX  fall as much as 4.9% to
A$1.060, lowest level since Nov. 4, 2022
    ** Stock set for worst day since July 28, if losses hold
    ** DEG on track for fourth consecutive session of losses, if
trend holds
    ** Gold miner says it has received firm commitments for
placement of about 285.7 million shares to raise A$300 million 
($192.18 million)
    ** Issue price of A$1.05 per share is at a 5.8% discount to
the stock's last close
    ** Proceeds from the placement will be used to update the
Hemi gold project in Western Australia, among others - co
    ** 9.4 mln shares change hands, compared with the 30-day
average volume of 3.3 mln
    ** Stock down 13.2% YTD, as of last close


($1 = 1.5610 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))