Australia's New World Resources tumbles on discounted placement

New World Resources

16/04/2024 01:48

** Shares of New World Resources  NWC.AX  fall as much as
15.9% to A$0.037, on track for their worst day since July 29,
2022, if current trend holds
    ** The mineral explorer receives commitments for A$20 mln
($12.87 mln) placement
    ** Co says placement at issue price of A$0.036 per share,
over 18% discount to stock's last closing price
    ** About 16 mln shares change hands, compared with the
30-day average volume of 3 mln shares
    ** Stock hits worst level since March 13
    ** Stock has risen over 12% this year, as of last close

    ($1 = 1.5542 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))