Australia's Delorean Corporation hits about 6-month low on discounted placement

Iceco

04/04/2022 02:37

** Shares of Delorean Corporation  DEL.AX  lose as much as
7.5% to A$0.185, their lowest since Oct 12
    ** The bioenergy firm says it has completed a placement of
26.47 mln shares for a total of A$4.5 mln ($3.37 mln)
 urn:newsml:reuters.com:*:nFWN2VZ16L
    ** Says, in addition to the placement, co intends to
conducts a share purchase plan with a target of A$2 mln in
subscriptions     
    ** Issue price for both, A$0.17 per share, is at a 15%
discount to the last closing price on Mar 30     
    ** Adds that capital raised will be fund a forward
contracting strategy in relation to Large Scale Generation
certificates, among others
    ** Shares see biggest intraday pct drop since Jan 14 
    ** Stock has fallen 4.8% this year, as of last close

($1 = 1.3342 Australian dollars)

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