Australia's Tombola Gold falls on discounted share placement

Tombola Gold

25/07/2022 06:49

** Shares of Tombola Gold Ltd  TBA.AX  fall as much as 17.1%
to A$0.032, their lowest since March 24
    ** Says to raise A$4.6 mln ($3.17 mln) by issuing 131.7 mln
shares at 3.5 Australian cents per share (https://bit.ly/3PEADla)
    ** Issue price represents a nearly 8% discount to TBA's
close of A$0.0380 on July 20
    ** TBA on trading halt since July 21
    ** co says it plans to use funds to develop Lorena CIL plant
near its Mt Freda project in Queensland
    ** TBA marks its worst intraday fall since June 10
    ** More than 9 mln shares change hands, vs the 30-day
average of 2.5 mln shares
    ** TBA up 26.7% this year, as of last close
    
    ($1 = 1.4491 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))