Australia's Hazer Group hits 5-month low on discounted capital raise

Hazer

19/02/2024 24:04

** Shares of Hazer Group  HZR.AX  slip as much as 11.7% to
A$0.490, hitting their lowest level since Sept 21, 2023
    ** The clean technology development co says it has received
firm, binding commitments for A$9 mln ($5.88 mln) under a
placement 
    ** Says co also conducting a share purchase plan to raise up
to A$4 mln 
    ** Issue price of A$0.50 per share is at a ~10% discount to
last close on Feb 14 
    ** Says net proceeds will be used to execute co's
commercialisation strategy to expedite existing commercial
projects in Canada, Japan and Europe, among others
    ** Stock posts its biggest intraday pct loss since Nov 13,
2023 
    ** HZR stock down ~19% YTD, as of last close 
    
    ($1 = 1.5307 Australian dollars)

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