Australia's AustChina Holdings falls on discounted placement

Pacific Resources

16/03/2022 02:18

** Shares of AustChina Holdings  AUH.AX  fall as much as
14.7% to A$0.015, mark their biggest intraday pct drop since
Feb. 24
    ** Exploration and investment co raises A$2.5 mln ($1.80
mln) via placement  urn:newsml:reuters.com:*:nASX6vDpS0
    ** Funds raised will be used for energy generating
technologies and working capital, among others
    ** Issue price of A$0.014 per share represents a 17.6%
discount to stock's last closing price
    ** Shares hit their lowest since Feb. 28
    ** As of last close, stock has more than doubled in value
this year

($1 = 1.3887 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))