Australia's Prominence Energy falls on discounted share placement

Prominence Energy

07/12/2021 03:51

** Shares of Prominence Energy NL  PRM.AX  fall 9.1% to
A$0.01, marking their biggest intraday pct drop since Nov. 26 
    ** Oil explorer says it is raising A$12 mln ($8.46 mln) via
a two-tranche share placement  urn:newsml:reuters.com:*:nFWN2SR0Y6 
    ** Issue price of A$0.01 represents a discount of 9.9% to
stock's last closing price on Dec. 3 
    ** Co says part of funds will be used to buy a 12.5% stake
in Multi-TCF Sasanof Gas Prospect located in Northwest Shelf,
Australia
    ** Says the rest will be used to advance co's Bowsprit
project in Louisiana, United States 
    ** Stock has risen 57.1% this year, as of last close 

($1 = 1.4180 Australian dollars)

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