Australia's Vintage Energy falls on discounted share placement

Vintage Energy

13/12/2021 02:58

Dec 13 (Reuters) -    ** Shares of Vintage Energy Ltd
 VEN.AX  slump about 9.2% to A$0.089, their lowest since Oct. 13
    ** Oil and gas explorer says it received firm commitments to
raise A$8.5 mln ($6.09 mln) via a share placement  urn:newsml:reuters.com:*:nFWN2SW03O
    ** Issue price of A$0.085 represents a discount of 13.3% to
stock's closing price on Dec. 8, when it last traded
    ** Funds raised to be mainly used for exploration activities
like the Odin-1 gas exploration in South Australia, and drilling
for Cervantes oil prospects in Perth, Western Australia 
    ** Issue of 100 mln shares is 20.48% of co's free float
    ** Stock had risen 53.1% this year, as of last close
    
($1 = 1.3955 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))