Australia's Hillgrove Resources falls on discounted placement

Kantra Copper

01/03/2023 24:56

** Shares of Hillgrove Resources Ltd  HGO.AX  slump as much
as 15.6% to A$0.054, on track for worst day since Sept 2, if
trend holds
    ** The copper miner says A$39 mln ($26.15 mln) institutional
placement and share purchase plan for restart of Kanmantoo
copper gold project
    ** Equity raising price of A$0.053 represents a discount of
17.2% to Hillgrove's last closing price of A$0.064 per share on
24 Feb
    ** Stock hits lowest since Dec 30
    ** More than 7.4 mln shares change hands, five times the
30-day average volume 
    ** Stock up 18.5% this year, as of last close


    ($1 = 1.4912 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))