Australia's Aurum Resources at 12-week low on discounted placement

Medcann Industries

06/12/2024 24:24

** Aurum Resources  AUE.AX  drops as much as 15% to A$0.34,
lowest since Sept. 11
    ** Gold miner offers A$10 mln ($6.4 mln) via placement at 35
AU cents, a 12.5% discount to last close
    ** Says proceeds will be used to allocate capital for Mako
Gold  MKG.AX  buyout
    ** Around 1.2 mln shares traded vs the 30-day avg of 798,524
    ** AUE set to snap four weeks of decline
    ** Stock up 60% this year, as of last close

($1 = A$1.5521)

 (Reporting by Nichiket Sunil)
 ((Nichiket.Sunil@thomsonreuters.com))