Australia's White Rock Minerals hits record low on discounted placement

Global Partners LP

04/05/2022 04:12

** Shares of mineral exploration company White Rock Minerals
Ltd  WRM.AX  fall as much as 30% to a record low of A$0.140
    ** Co announced a placement to raise A$2.4 mln ($1.71 mln)
to fund gold production at Morning Star Gold Mine in Victoria,
among others  urn:newsml:reuters.com:*:nASX54g6M0
    ** Placement offer price of A$0.15 per share represents a
25% discount to the last traded price of A$0.20 on April 29,
following which the stock went into a trading halt
    ** Co also entered a non-binding term sheet with investment
management firm Obsidian Global Partners LLC, for Obsidian to
invest up to A$30 mln in White Rock over 24 months 
    ** Stock posts its biggest intraday pct loss since Sept 15,
2020
    ** About 1.6 mln shares change hands, compared with the
30-day average volume of 178,309 shares 
    ** Stock down 16.7% this year, as of last close

     ($1 = 1.4065 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))