Australia's Hillgrove Resources falls on discounted placement

Kantra Copper

22/09/2021 04:22

** Shares of Hillgrove Resources Ltd  HGO.AX  fall as much
as 11.86% to A$0.052 - their steepest decline since July 22
    ** The copper miner raises https://www.asx.com.au/asxpdf/20210922/pdf/450rbll58k22f5.pdf
 A$10 mln ($7.25 mln) via placement for funding Kanmantoo copper
project in South Australia
    ** Co to issue 192.3 mln new shares
    ** Issue price of A$0.052 per share at an 11.86% discount to
stock's last close on Sept 17
    ** Co plans to raise further A$2 mln via share purchase plan
    ** Hillgrove also signs a binding contract with a unit of
Komatsu Australia Pty Ltd to establish a portal and underground
drilling platforms
    ** Stock at its lowest since Aug 31
    ** About 1.6 mln shares change hands, 1.5x the 30-day
average 
    ** HGO shares have been on trading halt since Sept 20
    ** Stock up 84.4% YTD, as of last close 
    
    ($1 = 1.3799 Australian dollars)

 (Reporting by Dhriti Garg in Bengaluru)
 ((dhriti.garg@thomsonreuters.com))