Australia's Gateway Mining falls on discounted placement

Gateway Mining

29/05/2024 06:47

** Shares of Gateway Mining  GML.AX  fall as much as 18.18%
to A$0.018, their lowest level since May 17
    ** Stock of the gold miner on track for its worst day since
April 15, if losses hold
    ** Co says it received firm commitments for share placement
to raise A$1.2 million ($797,640)
    ** Issue price of A$0.02 per share represents 9.1% discount
to stock's last close
    ** Co adds, funds to be used to progress its ongoing
exploration at the regionally strategic Montague Project in
Western Australia
    ** 962,399 shares changed hands by 0543 GMT, 2.1 times the
30-day average volume
    ** Stock has fallen 12% this year, as of last close


($1 = 1.5044 Australian dollars)

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