Australia's Great Northern Minerals drops to 19-month low on discounted placement

Great Northern Minerals

08/12/2021 02:47

** Shares of Great Northern Minerals  GNM.AX  dip as much as
14.3% to A$0.006, their lowest since May 6, 2020
    ** The gold explorer says it has received firm commitments
to raise A$3 mln ($2.14 mln) via a two-tranche share placement
    ** Issue price of A$0.06 per share is at a discount of about
14.3% to stock's closing price on Dec 2, when it last traded 
    ** Co says funds will be used for drilling projects in Camel
Creek gold project and testing at depth the high-grade zones at
Golden Cup, both in Northern Queensland, northeast of Australia.
    ** Stock posts their sharpest intraday pct drop since Sept 9
  
    ** Issuance of 500 mln new shares represents 59.4% of co's
free float
    ** About 21.2 mln shares change hands, vs the 30-day average
volume of 8.5 mln shares 
    ** Stock down 41.7% this year, as of last close

    ($1 = 1.4049 Australian dollars)

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