Australia's Cohiba Minerals hits record low on discounted placement

Altair Minerals

07/12/2023 24:48

** Shares of Cohiba Minerals  CHK.AX  slump as much as 50%
to hit a record low of A$0.0015
    ** The miner says it has received firm commitments for a
capital raising of A$1.5 mln ($982,800)
    ** Issue price of 0.12 AU cents per share is at a 60%
discount to last close on Dec 1 
    ** Says funds raised to be used for co's current projects in
Australia and Canada, among others 
    ** Shares post their biggest intraday pct loss since March
10, 2021
    ** About 6.8 mln shares exchange hands vs the 30-day average
of 2.0 mln shares 
    ** CHK stock down ~57% YTD, as of last close 

    ($1 = 1.5263 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))