Australia's Prospech hits record low on discounted equity raising

European Resources

17/03/2023 01:17

** Shares of Prospech Ltd  PRS.AX  dip as much as 12.5% to a
record low of A$0.021
    ** Miner says undertaking placement and entitlement offer to
raise up to A$2.5 mln ($1.67 mln)
    ** Issue price of A$0.02 per share for both is at a 16.6%
discount to last close on March 9
    ** Co says funds raised to be used for exploration and
drilling activities at its Slovakian projects, among others
    ** Shares post their biggest intraday pct loss since Feb 6
    ** Stock has fallen 12.5% so far this week, on track for
worst week since Feb 10
    ** Stock down 17.2% YTD, as of last close

($1 = 1.5006 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))