Australia's Grand Gulf Energy slips on discounted placement

Grand Gulf Energy

21/08/2024 03:21

** Shares of Grand Gulf  GGE.AX  fall as much as 16.7% to
A$0.005, set to lose most since Aug. 1 - if current trends hold
    ** The independent exploration & production co receives
commitments to raise A$1 million ($674,300.00) at A$0.004 apiece
    ** Says, issue price is at 33.3% discount to stock's last
close
    ** Adds, funds raised will be used to advance co's Red
Helium project, located in Utah, USA
    ** Stock hits its lowest level since Aug. 13
    ** 2 mln shares change hands, compared with the 30-day
average volume of 1.4 mln
    ** Stock is down 42.9% this year as of last close

($1 = 1.4830 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))