Australia's Red Sky Energy slumps on discounted share placement

Red Sky Energy

09/08/2021 05:25

** Shares of oil and gas explorer Red Sky Energy  ROG.AX 
down as much as 15% to A$0.009, their biggest intraday pct drop
since April 29
    ** Receives A$3 mln commitments via share placement at issue
price of A$0.008 per share, representing a discount of 20% to
its last close on Aug. 4 (https://bit.ly/3ivlnss)
    ** Placement via issue of 375 mln shares, representing 11.1%
of its free float of 3.38 bln shares - Refinitiv data
    ** Also proposes a share purchase plan to raise further A$4
mln ($2.94 mln)
    ** Says funds to be applied for expansion of Killanoola oil
project in South Australia
    ** About 100  mln shares exchanged hands vs 30 day average
of 26.8 mln shares
    ** As of last close, shares up 400% YTD

    
($1 = 1.3598 Australian dollars)

 (Reporting by Aneetta Thomas in Bengaluru)
 ((Aneetta.Thomas@thomsonreuters.com;))