Australia's Southern Cross Gold up on placement to fund exploration project

Golden Cross Resources

22/11/2022 03:14

** Shares of Southern Cross Gold Ltd  SXG.AX  rise as much
as 28.8% to A$0.76, their highest since May 31 if gains hold 
    ** Precious and base minerals miner says co has received
firm commitments to raise A$16 mln ($10.58 mln), before costs
 urn:newsml:reuters.com:*:nASX9mDLvT
    ** Says placement is at an issue price of A$0.58 per new
share which is at a discount of 1.7% to stock's last close
    ** Says funds will be used to advance exploration at co's
Sunday Creek Gold-Antimony Project in Victoria, Australia
    ** Co sees biggest intraday jump since Nov. 9
    ** More than 1.85 mln shares change hands, vs 30-day average
trading volume of 572,410 shares 
    ** Stock up 187.8% since co's ASX debut on May 16
($1 = 1.5117 Australian dollars)
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))