Business
Why the Red 5 (ASX:RED) share price is crashing 16% lower today
The Red 5 Limited (ASX: RED) share price has been one of the worst performers on the Australian share market on Friday.
In afternoon trade the gold miner’s shares are down 16% to 16 cents.
This latest decline means the Red 5 share price is down a disappointing 38% since the start of the year.
Why is the Red 5 share price crashing lower today?
Investors have been selling Red 5’s shares on Friday after it announced the completion of a $39 million institutional placement and entitlement offer.
Red 5 raised the funds via a 4-for-21 fully underwritten accelerated non renounceable entitlement offer that saw the company issue approximately 245 million shares at a 16% discount of 16 cents per new share.
Following its completion, the…
-
Noosa News21 hours agoTattoo artist Stacey Nightingale dies after giving birth to her third child
-
General23 hours agoFinal day of inquiry into Taipan helicopter crash that killed four airmen hears from relatives
-
Noosa News23 hours agoChaos on Queensland’s Bruce Highway as gunshot scare triggers full-scale lockdown
-
General23 hours agoCoonabarabran community holds candlelight vigil to mourn deaths of young brothers