Golden Sate Mining falls most in about 6 months on discounted placement

Golden State Mining

08/04/2022 02:19

** Shares of Golden State Mining Ltd  GSM.AX  decline as
much as 18.2% to A$0.090, their biggest intraday pct loss since
Oct 18
    ** The gold and lithium explorer says it has completed a
book build to raise A$2.5 million ($1.87 million) in a
placement urn:newsml:reuters.com:*:nFWN2W51DM
    ** Co says funds raised will be used for development of its
multiple projects in Western Australia
    ** Issue price of 7.5 AU cents per share is at a 31%
discount to the last closing price on April 6
    ** About 664,000 shares exchange hands, 3 times compared to
the 30-day average of 220,869 shares
    ** Stock has risen 34.2% this year, as of last close

($1 = 1.3374 Australian dollars)

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