Australia's Adelong Gold dips on plans to buy gold project, discounted placement

Great Pacific Gold

08/05/2025 06:32

** Shares of Adelong Gold falls 12.5% to A$0.007

** Stock fell as much as A$25% in early trade, their largest intraday pct loss since mid February

** Mineral explorer executes binding sale agreement to acquire 100% interest in Lauriston gold project from unit of Great Pacific Gold Corp GPAC.V

** Transactional terms include cash payment of A$500,000

** Also receives binding commitments to raise A$3 million via placement to fund acquisition

** Placement issue price at A$0.0055 per share, a 31.3% discount to stock's last close

** Around 13.9 million shares change hands vs 30-day avg volume of 8.2 million shares

** Stock up 40% YTD, including current session's moves

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))