Australia's Metgasco eyes worst day in over 8 months on discounted placement

Metgasco

22/02/2022 01:02

** Shares of Metgasco Ltd  MEL.AX  fall as much as 9.7% to
A$0.028, their biggest intraday pct loss since July 2021
    ** The energy co says received commitments to raise A$5 mln 
($3.60 mln) to fund its Cervantes#1 oil well, among others
 urn:newsml:reuters.com:*:nASXc80BKh
    ** Issue price of A$0.026/share represents a discount of
16.1% to its last close on Feb 17
    ** MEL hits lowest since Feb. 9
    ** More than 3.8 mln shares change hands, compared with the
30-day average volume of about 1.1 mln shares
    ** Co was on a trading halt since Feb 18; Stock has risen
19.7% this year, as of last close

($1 = 1.3895 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))