Australia's Southern Gold drops on discounted placement

Iondrive

16/11/2022 01:01

** Shares of Southern Gold Ltd  SAU.AX  fall as much as 6.9%
to A$0.027 - set to mark their biggest intraday pct drop since
Oct 28, if losses hold 
    ** Gold explorer says it has received commitments totalling
A$2 mln ($1.35 mln) via share placement
    ** Issue price of A$0.023 per share is at a discount of
17.9% to the last traded price on Nov 11
    ** Co says funds raised will be used for ground exploration
activities in South Korea, among others    
    ** Shares hit their lowest since Nov 10 
    ** Stock had fallen 50.9% this year, as of last close
($1 = 1.4817 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))