Australia's Black Cat Syndicate slips most in 1 year on discounted placement

Black Cat Syndicate

19/04/2022 03:58

** Shares of Black Cat Syndicate  BC8.AX  slip as much as
17.7% to A$0.56, their biggest intraday pct loss since March 5,
2021 
    ** The gold explorer says it has entered into a binding
agreement to buy the Coyote and Paulsens Gold operations from
Northern Star Resources  NST.AX   urn:newsml:reuters.com:*:nFWN2WF05G
    ** Adds that it has also completed raising A$35 mln ($25.73
million) via a two-tranche share placement 
    ** Says that binding agreements include cash consideration
payable at completion of A$14.5 mln with a further A$15 mln
secured and payable on or by June 30, 2023
    ** Says that money raised will be used to fund the
acquisition and also for general working capital
    ** Issue price of A$0.55 per share is at a 19.1% discount to
the last closing price on April 13
    ** Stock up 13.3% this year, as of last close

    ($1 = 1.3604 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))