Shares of Gold 50 (ASX:G50) plummeted by up to 13.3% to A$0.13 marking their lowest level since November 7, 2022.

This represents the stock’s most severe intraday percentage fall since July 11.

The precious metals explorer announced that it had secured firm commitments to raise A$1.35 million at an issue price of A$0.14 per share, equaling a 6.7% discount to the stock’s closing price on the last trading day.

The raised funds will be channeled towards completing the planning for subsequent ventures at the Golconda project located in Arizona, U.S.

To date, Gold 50 (ASX:G50) has slumped 40% this year, according to the last closing price.

Gold 50 is a precious metals explorer primarily involved in securing and developing mining prospects.