GGE, OSX, DTM: Why did these 3 ASX shares fall on Monday - Kalkine Media

April 24, 2023 06:32 PM AEST | By Neha Simpy
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Highlights:

  • Grand Gulf Energy Limited (ASX: GGE) confirmed helium discovery at Jesse-2 well and flowed helium gas to the surface.
  • Osteopore Limited (ASX: OSX) notified non-renounceable pro-rata entitlement offer results.
  • Dart Mining NL (ASX: DTM) announced a security placement of 16,666,667 100% paid ordinary securities at an issue price of 6 cents a security, raising AU$1 million.

The Australian benchmark index S&P/ASX200 closed 0.11% lower at 7,322.00 points on Monday, 24 April 2023. Along with it, Grand Gulf Energy Limited (ASX: GGE), Osteopore Limited (ASX: OSX) and Dart Mining NL (ASX: DTM) also ended the day declining by 30.952%, 20% and 16.666%, respectively.

Let’s know the reasons behind the decline in the price of the 3 penny stocks- GGE, OSX and DTM.

Grand Gulf Energy Limited (ASX: GGE)

The exploration and production company closed Monday, shrinking by 30.952% after it updated that the present drilling operations at the Jesse-2 well in SE Utah has been successfully concluded. The well was successfully deepened, and wireline logs were acquired across the entire 192-foot gas column.

The underbalanced drilling operations met all technical delivery requirements and permitted the testing while drilling of geologic gas flow to the surface with no observed water production. Monitoring of geological gas flow while drilling returned helium concentrations up to 0.9% helium.

Jesse-2 well encountered lower secondary porosity than that observed in Jesse-1A well and the Doe Canyon field.  Jesse-2 has been suspended for potential future well remediation/stimulation to be undertaken after the drilling of Jesse-3.

GGE has started planning for the permitted Jesse-3 well which will target the reservoir play fairway in the Jesse Helium Field.

Along with drilling Jesse-3, stimulation /workover programmes at Jesse-1A and or Jesse-2 will be undertaken. It will be followed by preparations to tie in to start production.

Osteopore Limited (ASX: OSX)

The medical technology company ended Monday’s trading session, reducing by 20% to AU$0.076. The decline in its share price came after it updated the non-renounceable pro-rata entitlement offer to raise up to nearly AU$2.63 million (before costs) on 17 April 2023.

The entitlement offer provided eligible stakeholders with the opportunity to subscribe for one 100% paid ordinary security (new shares) for each four 100% paid ordinary securities held on the record date, at an issue price of AU$0.085 a new share, with 1-free attaching quoted option for each one new share subscribed for.

The new shares and quoted options applied under the entitlement offer will be issued on 24 April 2023, with normal trading of new shares and quoted options anticipated to start on 26 April this year.

The entitlement offer received robust support from eligible stakeholders, who applied for new shares and 20,293,604 quoted options, raising nearly AU$1,725K (before costs), pursuant to their entitlements.

 

OSX, in consultation with its lead manager, has the right to now place the shortfall of 10,690,447 new shares and 10, 690, 447 quoted options to new investors by no later than 17 July this year.

Dart Mining NL (ASX: DTM)

The extensive and diverse exploration tenement portfolio holder ended Monday down by 16.666% at AU$0.060. On the same day, DTM had notified a security placement of 16, 666, 667 100% paid ordinary securities at an issue price of 6 cents a security, raising AU$1 million.

The issue price of 6 cents represents a 9% discount to the fifteen-day VWAP calculation of 6.6 cents. Under listing rule 7.1a, 15,481,016 securities will be issued, and 1,185,651 securities will be issued under listing rule 7.1.

Sanlam Private Wealth (Melbourne) acted as a broker to the placement.

Proceeds from the issue will be utilised to extend DTM’s ongoing drill program at the Granite Flat Copper Gold and Rushworth Gold projects. Also, further regional exploration programs on targets throughout the portfolio and general working capital will be undertaken.


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