Business
Why did the Hexagon Energy (ASX:HXG) share price sink 10% today?
It wasn’t a great day for the Hexagon Energy Materials Ltd (ASX: HXG) share price, sinking 10% to 13 cents by the close of trade. This comes after the company came out of a trading halt today, announcing it had successfully completed a placement.
Let’s take a closer look at the company update.
Placement to fund Pedirka
It appears investors are selling Hexagon shares and heading for the hills as the company faces an impending share dilution.
In today’s release, Hexagon Energy advised it has received $6.2 million in firm commitments by a way of placement. The offer was heavily subscribed by institutional and sophisticated investors at an issue price of 11 cents per share. The new fully-paid ordinary shares represent a 9.5%…
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