Australia's Xstate Resources falls after share placement

Xstate Resources

27/07/2021 05:28

** Shares of the oil and gas explorer  XST.AX  drop as much
as 20% to A$0.004, their lowest since July 15
    ** Co says it has issued 250 mln new ordinary shares at
A$0.004 per share, to raise A$1.0 mln ($738,100)  urn:newsml:reuters.com:*:nASX2rj4GJ
    ** Issue price represents a 60% discount to stock's last
close
    ** Offer size represents ~12% of company's free float, per
Refinitiv data
    ** Stock posts its biggest intraday pct fall since July 7
    ** About 16.3 mln shares change hands, compared with the
30-day average volume of about 12.9 mln shares
    ** Shares are down 20% YTD

($1 = 1.3548 Australian dollars)

 (Reporting by Soumyajit Saha in Bengaluru)
 ((Soumyajit.Saha@thomsonreuters.com;))