Australia's Talon Energy faces worst day in 2 weeks on discounted share placement

Talon Energy

29/04/2022 03:56

** Shares of oil and gas explorer Talon Energy  TPD.AX  fall
as much as 10% to A$0.009 - set to drop the most since April 13,
if losses hold
    ** Co says https://www.investi.com.au/api/announcements/tpd/bbf1787b-6f5.pdf
 received firm commitments to raise A$11 mln  ($7.84 mln) in a
placement of 1.38 bln new shares
    ** Issue price of A$0.008 per share represents a 25%
discount to the last traded price of A$0.010 on Tuesday, after
which shares went into a trading halt
    ** Proceeds to be used for development of the Walyering Gas
Field, other Perth Basin Projects and operations in Mongolia
    ** About 55.7 mln shares change hands, compared with the
30-day average volume of 21.5 mln shares 
    ** Stock had risen 33.3% this year, as of last close

($1 = 1.4023 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))