Australia's Prospech slumps on discounted placement

European Resources

01/12/2023 02:42

** Shares of Prospech  PRS.AX  fall as much as 22% to
A$0.032, posting their biggest intraday fall since June 14
    ** Stock hits its lowest level since Nov. 24
    ** Mineral explorer says it will raise up to A$30,000 
($19,872.00) via a share purchase plan at an issue price of
A$0.031 per share   
    ** Issue price represents a 24.4% discount on co's last
close     
    ** Nearly 2.5 mln shares change hands, compared with the
30-day average volume of 1.4 mln 
    ** Stock up 52.8% YTD, as of last close

($1 = 1.5097 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))