Australia's Newfield Resources sees worst day in three weeks on discounted raising

Newfield Resources

23/10/2023 02:13

** Shares of Newfield Resources  NWF.AX  slump as much as
12.5% to A$0.140, seeing their biggest fall since Oct 3 if
losses hold 
    ** Gold miner says it is undertaking a pro-rata entitlement
offer to raise up to A$17.6 mln ($11.10 mln) 
    ** Issue price of A$0.15 per share is at a 6.25% discount to
the last trading price on Oct 20 
    ** Says proceeds will be used for ongoing mine development
and production ramp-up at the Tongo Diamond Mine in Sierra Leone
    ** Shares hit lowest since Oct 18; down for third straight
session 
    ** Stock down ~56.2% this year, as of last close

($1 = 1.5850 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))