Australia's G11 Resources falls on discounted placement

G11 Resources

17/07/2024 04:27

** Shares of G11 Resources  G11.AX  fall as much as 12% to
A$0.022, their lowest level March 15
    ** Shares on track for worst day since June 27, if current
losses hold
    ** Copper development and exploration co says it has
received firm commitments to raise A$4.35 mln ($2.93 mln) via
placement
    ** Issue price of A$0.02 per share represents a 20% discount
to last close on July 12
    ** Co says funds raised will be used towards follow-up
drilling at co's Wilandra Central project, among others
    ** About 2.7 mln shares change hands by 0311 GMT, two times
the 30-day average volume of shares
    ** Stock had fallen 10.7% this year, as of last close
($1 = 1.4839 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))