Australia's Pentanet hits all-time low on discounted capital raise

Pentanet

17/04/2023 02:16

** Shares of Pentanet  5GG.AX  slump as much as 15% to
A$0.085 to hit a record low 
    ** The telecom firm says it has received binding commitments
to raise about A$6.1 million ($4.09 million) via a placement
 urn:newsml:reuters.com:*:nFWN36I06D
    ** Also announces share purchase plan to raise up to A$2.5
million
    ** Co says funds raised will be used for upgrading existing
tower sites with 5G infrastructure, among others 
    ** Issue price of A$0.083 per share is at a 17.0% discount
to the last traded price on Apr 12 
    ** Shares see worst day since March 10 - if losses hold 
    ** Stock has fallen 57.6% this year as of last close


($1 = 1.4910 Australian dollars)

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