Australia's Kalgoorlie Gold slumps on discounted placement

Kalgoorlie Gold Mining

24/05/2023 02:13

** Shares of Kalgoorlie Gold Mining  KAL.AX  fall as much as
9.5% to A$0.038, their biggest intraday pct drop since April 18
    ** The gold miner says it has secured firm commitments to
raise A$1.4 mln ($949,620.00) before costs via a two-trance
placement 
    ** Co also intends to raise an additional A$0.5 mln through
a non-underwritten share purchases plan 
    ** Issue price of A$0.032 for both is at a 23.8% discount to
stock's last close on May 19
    ** Says funds raised will be applied to systematic drilling
and assessment of Pinjin project
    ** Kalgoorlie stock down 49.4% YTD, as of last close 

     ($1 = 1.4743 Australian dollars)

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