Australia's Talga Group slumps most in 3 yrs on discounted placement

Talga

23/02/2023 03:29

** Shares of Talga Group Ltd  TLG.AX  plummet as much as
18.2% to A$1.53, set to mark worst day since March 23, 2020
    ** Stock hits lowest since Jan 9
    ** Battery firm says completion of institutional placement
raises A$40 mln ($27.34 mln) via issue of 25.8 mln new fully
paid ordinary Talga shares
    ** Issue price of A$1.55 represents a 20.6% discount to co's
last closing price of A$1.87
    ** Says placement proceeds will be used to fund Vittangi
Anode project early works, among others
    ** More than 3.5 mln shares change hands, five times the
30-day average volume 
    ** Stock up 33.6% this year, as of last close
($1 = 1.4628 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))