Australia's Nagambie Resources slumps on discounted entitlement offer
16/03/2023 01:04
** Shares of Nagambie Resources NAG.AX slump as much as
12.5% to A$0.049, their biggest intraday pct loss since June 9,
2022
** Miner announces 1 for 5 renounceable rights issue to
raise up to about A$5.4 mln ($3.58 mln)
** Rights issue price of 5 AU cents per share is at a 10.7%
discount to last close on March 15
** Says funds raised to be used to accelerate the
antimony-gold resource drilling program, among others
** Shares touch their lowest level since Feb 27
** Stock has fallen 16.4% this year as of last close
($1 = 1.5072 Australian dollars)
(Reporting by Echha Jain in Bengaluru)
((Echha.jain@thomsonreuters.com))