Shares of De Grey Mining (ASX:DEG) have plummeted by as much as 4.9% to A$1.060, hitting the lowest level since November 4, 2022.

The company is on track for its fourth consecutive session of losses, if the existing trend continues.

De Grey Mining’s stock is set for its worst day since July 28, pending further losses.

The company recently announced that it has secure firm commitments for a placement of around 285.7 million shares aimed at raising A$300 million ($192.18 million).

The issue price of A$1.05 per share is at a 5.8% discount to the stock’s last close.

The company plans to use the proceeds from the placement to update the Hemi gold project in Western Australia, among other purposes.

So far, around 9.4 million shares have changed hands, compared to the 30-day average volume of 3.3 million.

As of the last closing, the stock is down 13.2% year-to-date.

De Grey Mining is a gold exploration and mining company based in Western Australia.