Australia's Althea hits 4-month low on discounted placement

Peak Processing

03/11/2022 24:40

** Shares of cannabis-based pharma co Althea Group  AGH.AX 
fall as much as 21.7% to A$0.065, hit their lowest level since
July 1
    ** Co announces A$1.5 mln placement and launches A$2.5 mln
Share Purchase Plan (SPP)  urn:newsml:reuters.com:*:nASX97ZYK1
    ** Issue price of A$0.067 for both the placement and SPP
represents a discount of 19.3% to its last close on Oct 28
    ** Stock went on a trading halt on Oct 31
    ** Says funds raised will be utilized to support launch of
SKUs in coming months, among others 
    ** More than 670,000 shares change hands, compared with the
30-day average volume of about 549,000
    ** Stock down 63.1% this year, as of last close
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))