Shares of the Australian company, Globe Metals & Mining (ASX:GBE), are observed to fall as much as 44.9% to A$0.038, potentially leading to its worst day if the losses prevail.

This is the stock’s lowest point since May 24.

Globe Metals & Mining’s announced an entitlement offer to raise up to A$8 million at an issue price of A$0.037 per share.

Interestingly, the offer price shows a steep 46.4% discount to the stock’s closing price in the last session.

Despite this, GBE stock has risen 11.3% this year, as of the last closing.

Globe Metals & Mining is a resources exploration company based in Australia.