Australia's Althea Group eyes worst day in 2 yrs on discounted placement

Peak Processing

16/07/2024 04:54

** Shares of Althea Group  AGH.AX  fall as much as 23.3% to
A$0.023, their lowest level since July 1
    ** Shares of co on track for its worst day since mid July,
2022, if losses hold
    ** Cannabis products maker receives firm commitments for A$2
million ($1.35 million) via a placement
    ** Issue price of A$0.02 per share represents a 33.33%
discount to last close of July 11
    ** Says funds to be used to support expansion into the US
cannabis beverage market and the launch of additional product
ranges in Canada
    ** About 2.4 mln shares change hands by 0340 GMT, 1.4 times
the 30-day average volume of shares
    ** Stock has fallen 23.1% this year as of last close

($1 = 1.4819 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((sherin.sunny@thomsonreuters.com))