Southern Hemisphere Mining plunges on discounted capital raise

Southern Hemisphere Mining

17/07/2023 04:34

** Shares of Southern Hemisphere Mining  SUH.AX  fall as
much as 13% to A$0.02; logs biggest intraday slump since March
30
    ** The minerals explorer says undertaking a non-renounceable
pro-rata entitlement offer on the basis of one share for every
four shares held to raise A$2.36 mln ($1.61 mln)
    ** Entitlement offer at an issue price of A$0.02 represents
a discount of 13% compared to SUH's last close on July 13 before
stock went on a trading halt 
    ** Says funds raised will be allocated to drilling works at
its Llahuin Copper/Gold/Molybdenum Porphyry Project in Chile
    ** Stock has risen 27.8% this year, as of last close 
 


($1 = 1.4680 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))