Australia's PVW Resources drops on discounted share placement

Union Star Metals

06/04/2022 02:15

** Shares of PVW Resources  PVW.AX  drop as much as 5.2% to
A$0.455, their biggest intraday pct fall since March 31
    ** The gold explorer says it secured commitment to raise
A$9.5 mln ($7.20 mln) via placement
    ** Placement at issue price of A$0.40 per share, a 16.7%
discount to stock's closing price of A$0.48 on April 1, when it
last traded
    ** Weaker gold prices also weigh on PVW stock  GOL/ 
    ** More than 161,000 shares change hands, vs the 30-day
average volume of ~139,000 shares
    ** Stock up 15.7% this year, as of last close
   
     ($1 = 1.3194 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))