Australia's Develop Global rises on premium capital raising

Develop Global

21/02/2022 02:53

** Shares of metal mining co Develop Global  DVP.AX  rise as
much as 18.3% to A$3.75, their biggest intraday percentage gain
since May 18, 2021
    ** Co raise A$25 mln ($18.00 mln) via placement at an issue
price of A$3.30 per share  urn:newsml:reuters.com:*:nASX7GQfF5
    ** Issue price represents a 4.1% premium to DVP's last
closing price
    ** Co raises an additional A$12.2 mln in a pro-rata
non-renounceable entitlement offer
    ** Says it now looks forward to its planned underground
exploration program aimed at growing the inventory
    ** Shares hit their highest since Jan. 5
    ** As of last close, stock down 17.7% this year

($1 = 1.3887 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))