BUZZ-Australia's Kula Gold tumbles on discounted rights issue

Reuters01-06

BUZZ-Australia's <a href="https://laohu8.com/S/KGD.AU">Kula</a> Gold tumbles on discounted rights issue

** Shares of Kula Gold KGD.AX fall as much as 16.7% to A$0.005, their lowest since Nov. 29. 2024

** Stock posts its biggest intraday decline since Nov. 29, 2024

** Gold explorer says it will raise A$1.6 mln ($996,000.00) via rights issue at A$0.005 per share

** Issue price represents a 16.7% discount to co's last close

** About 1.5 mln shares change hands, compared with the 30-day average volume of around 1.3 mln

** Stock dropped 60% in 2024

($1 = 1.6064 Australian dollars)

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com;))

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