Australia's Elmore hits record low on discounted capital raise

Elmore

22/06/2023 03:26

** Shares of Elmore Ltd  ELE.AX  dip as much as 27.3% to a
record low of $0.008
    ** The gold miner raises A$12.5 mln ($8.50 mln) in funding 
from institutional investors 
    ** Says A$6.2 mln from the funding will be advanced by
investors upfront by way of loans, which could convert into
shares with shareholder approval at offer price of A$0.0075 per
share 
    ** The offer price represents a 46.7% discount to co's last
closing price of A$0.011
    ** ELE was on a trading halt since June 13, pending
announcement on capital raising
    ** More than 3.4 mln shares change hands, twice the 30-day
average volume 
    ** Stock down 35.3% this year, as of last close

    ($1 = 1.4704 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))