Australia's Mako Gold hits lowest in more than 2 years on discounted placement

Mako Gold

14/10/2022 02:58

** Shares of Australia's Mako Gold  MKG.AX  fall as much as
16% to A$0.04, their lowest since May 6, 2020
    ** Mineral explorer secures binding commitments to raise
A$3.1 mln ($1.96 mln) through a placement 
    ** Co to issue about 75.6 mln new fully paid ordinary shares
at a price of 4.1 Au cents per share, a discount of 20% to
stock's last close
    ** Co says proceeds will fund near-term resources growth
strategy at the Napié project in West Africa
    ** Stock posts its biggest intraday pct fall since Feb 28
    ** About 4.8 mln shares change hands, compared with the
30-day average volume of 238,445 shares
    ** Stock had fallen 54.6% this year, as of last close
($1 = 1.5833 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))