Australia's Grand Gulf Energy falls on discounted placement

Grand Gulf Energy

20/04/2022 04:09

** Shares of oil and gas exploration company Grand Gulf
Energy Ltd  GGE.AX  fall as much as 8.2% to A$0.045, their
lowest since April 5
    ** Says received firm commitments for placement raising A$11
million ($8.15 million) before costs
    ** 250 million shares issued at 0.044 Australian cents per
share, a 10.2% discount to Tuesday's closing
    ** Placement to allow co to complete well and engineering
parameters for its pure-play helium exploration well, and fully
fund two exploration wells
    ** Stock posts its biggest intraday pct. fall since April 13
    ** Stock has more than doubled in value this year, as of
last close
    
($1 = 1.3504 Australian dollars)

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