Australia's Elevate Uranium tanks on discounted share placement

Elevate Uranium

08/12/2023 24:39

** Shares of Elevate Uranium  EL8.AX  tank as much as 16.5%
to A$0.4350, their worst intraday pct drop since mid-June 2022 
    ** Elevate stock at its lowest level since Nov 30, set to
end the week ~12% lower and poised for worst week since Oct 13,
if losses hold
    ** EL8 to raise A$10 mln ($6.60 mln) before costs by issuing
23.8 mln shares at A$0.42 per share
    ** Issue price represents a discount of 18.4% to EL8's last
close of A$0.515 on Dec 5
    ** Issued shares represent 10.3% of EL8's free float of ~230
mln shares
    ** EL8 stock was on a trading halt on Dec 6 and Dec 7
    ** Stock up 39.2% this year, as of last close

   ($1 = 1.5163 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))