Australia's West African Resources faces worst day in 5 months on discounted raise

West African Resources

04/07/2024 02:06

** Shares of West African Resources  WAF.AX  slump as much
as 13.4% to A$1.378, set for worst day since Feb 6 - if current
losses hold     
    ** Stock emerges as top loser on the benchmark  .AXJO  
    ** The gold miner says it has received firm commitments to
raise A$150 mln ($100.71 mln) via a share placement 
    ** Issue price of A$1.37 per share is at a 13.8% discount to
the last closing price on July 1 
    ** Co says funds raised will be primarily used to purchase
owner mining fleet, establish owner mining workshop facilities,
among others 
    ** Shares hit lowest level since June 14 
    ** Stock up ~68.3% this year, as of last close
    
($1 = 1.4894 Australian dollars)

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