The Elixir Energy (ASX:EXR) share price is down 10% today. Here’s why

The Elixir Energy Ltd (ASX: EXR) share price is plummeting today following news of the company’s latest placement and share purchase plan.

At the time of writing, the Elixir Energy share price is down 10%, with shares in the company trading for 41 cents apiece.

Let’s take a closer look at the news released by the energy company today.

Elixir Energy’s capital raising

The Elixir Energy share price fall comes after the company announced it has successfully raised $10 million from a significantly oversubscribed placement.

The company will issue more than 27.7 million new shares under the placement.

They were each priced 20% less…