Australia's Gascoyne Resources sees worst day in over 5 months on discounted placement

Spartan Resources

28/03/2022 03:49

** Shares of Gascoyne Resources Ltd  GCY.AX  drop as much as
15.5% to A$0.3, set for sharpest single-day fall since Oct 13,
if losses hold
    ** The gold explorer announces capital raising of A$19 mln
($14.29 mln), including a A$15 mln share placement and A$4 mln
share purchase plan  urn:newsml:reuters.com:*:nASX6wLwxX
    ** Share placement at issue price of A$0.3/share represents
a discount of 15.5% to its close on March 23, after which stock
went into a trading halt
    ** Adds that raising funds to replay balance of A$10 mln
convertible note debt
    ** Stock hits lowest level since March 10
    ** More than 1.3 mln shares change hands, compared with
30-day average volume of about 700,000 shares
    ** Stock up 24.6% this year, as of last close
     

     ($1 = 1.3300 Australian dollars)

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