Australia's Grand Gulf Energy falls most in over 3 months on discounted placement

Grand Gulf Energy

24/03/2023 24:47

** Shares of Grand Gulf Energy  GGE.AX  slump as much as
11.5% to A$0.023, posting their biggest intraday pct fall since
Dec 13, 2022
    ** Exploration and production co says it has received firm
commitments for a placement raising A$2.5 mln ($1.67 mln) before
costs
    ** Issue price of A$0.022 per share is at a 15.4% discount
to last close on March 21
    ** Shares touch their lowest level since Feb 15
    ** About 14.2 mln shares change hands vs the 30-day average
of 2.8 mln shares
    ** Stock has risen 36.8% YTD, as of last close

($1 = 1.4977 Australian dollars)

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