Australia's Resources & Energy Group falls on discounted placement

Resources & Energy

06/08/2024 03:59

** Shares of Resources & Energy Group  REZ.AX  fall as much
as 13% to A$0.02, their lowest levels since July 26
    ** The metals explorer says it received firm commitments to
raise A$500,000 ($325,650) via share placement
    ** Issue price of A$0.02 represents 13.04% discount to co's
last close
    ** REZ says funds raised will be used to conduct a strategic
drilling programme at its East Menzies Project in Western
Australia
    ** Stock has risen 76.9% this year, as of last close

    ($1 = 1.5354 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))