Australia's Morella Corp loses most in a month on discounted placement

Morella

16/12/2024 03:12

** Shares of Morella Corporation  1MC.AX  fall 6.5% to
A$0.029, set for their worst trading session since Nov. 15, if
current trends hold
    ** Mineral explorer receives firm commitments to raise A$1.4
mln ($890,960.00) via a placement
    ** Placement issue price at A$0.026 per share, representing
a 16.1% discount to stock's last close
    ** Says funds will be used for exploration activities across
projects in Western Australia and Nevada, U.S.
    ** Stock down 78.9% so far this year, including current
session's moves

($1 = 1.5713 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))