Business
Why the Pursuit (ASX:PUR) share price is plummeting today
The Pursuit Minerals Ltd (ASX: PUR) share price is plummeting in late morning trade. This comes despite the company announcing it has received firm commitments to fund its growth strategy.
At the time of writing, the minerals exploration company’s shares are fetching for 8 cents, down 7.95%.
What’s driving the Pursuit share price lower?
Investors are scrambling to sell Pursuit shares after an impending share dilution from the company.
According to the release, Pursuit advised it has received firm commitments from sophisticated investors to raise $8.25 million through a strategic placement. This will see the issue of roughly 119.5 million new ordinary shares at a price of 6.9 cents apiece.
In addition, the company will issue 3…
-
Noosa News23 hours agoMeet Chad Burgess, Pauline Hanson’s One Nation Party
-
General22 hours agoTyler Wright soaks up Bells Beach return as poor conditions at Rip Curl Pro sees men’s opening round called off
-
Noosa News24 hours agoWestern Queensland graziers begin grim stock count after catastrophic floods
-
General22 hours agoTruck driver charged with causing death by dangerous driving after highway crash