Australia's Adelong Gold dips on plans to buy gold project, discounted placement

Shares of Adelong Gold falls 12.5% to A$0.007

Stock fell as much as A$25% in early trade, their largest intraday pct loss since mid February

Mineral explorer executes binding sale agreement to acquire 100% interest in Lauriston gold project from unit of Great Pacific Gold Corp GPAC.V

Transactional terms include cash payment of A$500,000

Also receives binding commitments to raise A$3 million via placement to fund acquisition

Placement issue price at A$0.0055 per share, a 31.3% discount to stock's last close

Around 13.9 million shares change hands vs 30-day avg volume of 8.2 million shares

Stock up 40% YTD, including current session's moves