Australia's DUG Technology hits 4-mth low on discounted share placement

DUG Technology

07/09/2021 05:36

** Shares of DUG Technology  DUG.AX  fall as much as 7.8% to
A$0.950, their lowest since May 12 
    ** The software firm says received binding commitments to
raise A$15 mln ($11.16 mln) via a two-tranche share placement
 urn:newsml:reuters.com:*:nASX2V1TpZ
    ** Placement at an issue price of A$0.90 per share, a 12.6%
discount to DUG's closing price on Sept. 2, when it last traded 
    ** DUG will also undertake share purchase plan to raise a
further A$5 mln 
    ** Adds proceeds from capital raising to be applied to
Military and Space business development 
    ** Stock posts biggest intraday pct fall since Aug. 31
    ** ~165,000 shares change hands vs the 30-day average volume
of ~78,000 shares
    ** DUG stock down 14.9% this year, as of last close
    
  
($1 = 1.3444 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))