Australia's Errawarra Resources sees worst day ever on discounted placement

Great Western Exploration

23/11/2021 24:16

** Shares of gold and nickel-copper exploration co Errawarra
Resources Ltd  ERW.AX  fall as much as 23.1% to A$0.285,
biggest-ever intraday drop
    ** Co announces acquisition of 80% stake in Western
Exploration Pty for issue of 15 mln shares and 7.5 mln share
options  urn:newsml:reuters.com:*:nGLF3MfN78
    ** Adds that Western Exploration holds exploration license
application over Andover West Project, Western Australia, which
hosts nickel sulphide mineralization
    ** Says received commitments to raise A$1.2 million at
A$0.22/share representing a discount of 32.3% to co's last close
    ** Stock hits lowest since Nov. 8
    ** More than 596,000 shares change hands, compared with the
30-day average volume of about 97,000; sees busiest day since
Sept 15
    ** Stock, which was on a trading halt since Nov 18, has
risen 48.5%% this year as of last close

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))