Australia's Emu NL falls most in near 3 months on discounted rights issue

Emu NL

09/02/2023 02:22

** Shares of Emu NL  EMU.AX  slump as much as 16.7% to
A$0.005, their biggest intraday pct loss since Nov 15, 2022
    ** The diversified miner to raise about A$1.525 mln ($1.06
mln) via a pro-rata non-renounceable rights issue
    ** Issue price of A$0.002 per share is at a 66.7% discount
to last close on Feb 6
    ** Says funds raised to be used to continue exploration on
co's projects, among others
    ** Shares touch their lowest level since Nov 16, 2022
    ** Volumes are 6.7x the 30-day average of 936,870 shares 
    ** Stock lost 14.3% this year, as of last close 
    ($1 = 1.4411 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))