Australia's Matrix Composites & Engineering slumps on discounted placement

Matrix Composites & Engineering

29/11/2021 01:30

** Shares of Australia's Matrix Composites & Engineering Ltd
 MCE.AX  slide as much as 5.6% to A$0.17 after co announces
discounted placement 
    ** Engineering products and services co says it received
firm commitments to raise A$7 million ($5.00 million) via a
two-tranche institutional placement at A$0.16 per share
 urn:newsml:reuters.com:*:nASX3TdDQV 
    ** Placement price represents an 11.1% discount to MCE's
close of A$0.18 on Wednesday
    ** Trading of stock halted on Thursday pending the
announcement 
    ** Funds raised will go towards new projects in the oil and
gas market, facilitate expansion of Matrix's Corrosion
Technology business 
    ** MCE has gained 16.1% this year as of Wednesday's close 
    



($1 = 1.4010 Australian dollars)

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))