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…
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