Australia's Reedy Lagoon hits near 4-1/2-year low on discounted capital raising

Reedy Lagoon

17/09/2024 04:57

** Shares of Reedy Lagoon  RLC.AX  fall as much as 16.7% to
A$0.0025, their lowest level since May 14, 2020 
    ** Stock posts its biggest intraday pct decline since July 3
    ** The diversified miner says it is undertaking a 1 for 1
entitlement offer to raise A$1.24 mln ($836,380.00)
    ** Offer price of 0.2 AU cents per new share is at ~33%
discount to last close on Aug. 22
    ** Says funds raised will be used for exploration for gold
at Burracoppin Gold project, among others
    ** Shares down 50% YTD at 0350 GMT

($1 = 1.4826 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))