Australia's Megado Minerals falls most in a month on discounted placement

Megado Minerals

05/11/2024 24:57

** Shares of Megado Minerals  MEG.AX  fall 11.8% to A$0.015,
on track for their biggest daily pct drop since Oct. 7, if
current losses hold
    ** Mineral explorer says it has received commitments to
raise up to A$1.5 mln ($986,850) via placement of 127.2 mln
shares
    ** Issue price of A$0.012 per share is at a 29.4% discount
to stock's last close 
    ** Stock hits its lowest level since Oct. 24
    ** About 2.4 mln shares change hands, 3.8x the 30-day avg
    ** Stock down 57% YTD, as of 0043 GMT
    
($1 = 1.5200 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))