Australia's GBM Resources slump to two-year low on discounted placement

Gbm Resources

07/07/2022 01:52

** Shares of GBM Resources  GBZ.AX  slump as much as 14.8%
to A$0.052, their lowest since April 6, 2020
    ** The gold and copper explorer says it has received firm
commitments for a placement to raise A$1.36 million 
($921,944.00) via a share placement  urn:newsml:reuters.com:*:nASM000IEL
    ** Co says funds raised will be used to support co's 
Drummond Basin projects in Queensland, Australia 
    ** Issue price of A$0.054 per share is at a 11.5% discount
to the last closing price on June 30, before it went on a
trading halt  
    ** Shares set for worst session since June 14, if losses
hold 
    ** Stock has fallen ~47% this year, as of last close

($1 = 1.4751 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))