Australia's Zeotech sees worst day in 4 months on share placement

Zeotech

26/09/2022 05:07

** Shares of Zeotech Ltd  ZEO.AX  slump as much as 16.7% to
A$0.040, their biggest pct loss since May 9 - if losses hold 
    ** The mineral processing co says it has secured firm
commitments to raise A$2.2 mln ($1.43 mln) via share placement
    ** Co says proceeds to be used for progressing its
high-grade Toondoon kaolin project in Queensland
    ** Issue price of A$0.042 per share is at a 12.5% discount
to the last closing price on Sept. 20
    ** Stock hits lowest since Sept. 14
    ** About 3.9 mln shares change hands, 4.9x the 30-day avg
    ** Stock down 44.8% so far this year, as of last close
 
($1 = A$1.5366)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))