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BUZZ Australias Vection Technologies drops most in over 6 mths on discounted placement – Reuters

** Shares of Vection Technologies Ltd (VR1.AX) slide as much as 18.2% to A$0.225, on track for their worst day since May 11

** The software development co receives firm commitments for raising A$12 mln ($8.57 mln) via placement of 60 mln shares to fund its expansion plans

** Issue price of A$0.20 per share represents a 27.3% discount to VR1’s last closing price

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** New shares represent 5.8% of shares on issue

** Volumes are 2.9 times the 30-day average of 9.3 mln shares

** As of last close, stock has more than doubled in value this year

($1 = 1.4000 Australian dollars)

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Reporting by Himanshi Akhand in Bengaluru

Our Standards: The Thomson Reuters Trust Principles.