Australia's Metgasco hits lowest in about 2 years on discounted placement

Metgasco

11/10/2022 01:59

** Shares of oil and gas explorer Metgasco  MEL.AX  fall as
much as 20% to A$0.02, hitting their lowest since Nov. 18, 2020
    ** MEL says it received binding commitments to raise A$2.7
mln ($1.70 mln)    
    ** Placement issue price of A$0.02/share represents a 20%
discount to last closing price of A$0.025 on Oct. 6, after which
shares went on a trading halt
    ** Stock posts its biggest intraday pct fall since April 7
    ** More than 9 mln shares change hands, compared with the
30-day average volume of about 2 mln shares
    ** Stock down ~11% this year, as of last close
($1 = 1.5863 Australian dollars)
 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))