Australia's GBM Resources hits record low on discounted capital raising

Gbm Resources

19/12/2023 23:58

** Shares of GBM Resources  GBZ.AX  slip as much as 18.2% to
hit a record low of A$0.009
    ** The gold miner says it has received firm commitments to
raise A$1.9 mln ($1.28 mln)
    ** Co also undertaking a non-renounceable entitlement issue
to raise a maximum of A$1.6 mln 
    ** Issue price of A$0.009 per share is at a 18.2% discount
to last close on Dec 14 
    ** Says funds raised to be used for exploration at co's 
Twin Hills and Yandan Gold Projects, among others
    ** Shares post their biggest intraday pct loss since Dec 6 
    ** GBZ stock down 74.4% YTD, as of last close 

($1 = 1.4795 Australian dollars)

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