Suffering a fall as significant as 7.7% to A$0.120, Global Uranium and Enrichment (ASX:GUE) is facing its worst day since February 13, if the loss persists.

The company, which specializes in uranium exploration, has announced a hefty A$6.15 million placement in order to finance upcoming drill programs.

The issue price of A$0.115 reveals an 8% discount to the stock’s last closing price.

If the trend remains consistent, the stock may face its fourth consecutive weekly loss.

At its last closure, GUE stock was up 32.7% for the year.

Global Uranium and Enrichment is a uranium explorer based in Australia.