Australia's Kalgoorlie Gold Mining tumbles on discounted placement

Kalgoorlie Gold Mining

29/07/2024 01:45

** Shares of Australia's Kalgoorlie Gold Mining  KAL.AX 
fall as much as 20.7% to A$0.023, marking their biggest intraday
pct drop since late March, 2023
    ** Stock hits its lowest level since July 10
    ** Mineral explorer co receives commitments to raise A$2.3
mln ($1.51 mln) via two-tranche placement
    ** Co to raise up to further A$0.5 mln via share purchase
plan (SPP)  
    ** Issue price of A$0.026 per share represents a discount of
10.3% to stock's last closing
    ** Co says funds raised will be used for drilling programmes
    ** Nearly 1.9 mln shares change hands by 0034 GMT, vs the
30-day average volume of 153,323 shares
    ** Stock up 7.4% YTD, as of last close

($1 = 1.5239 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))