Australia's Black Cat Syndicate slumps on discounted placement

Black Cat Syndicate

04/06/2024 02:03

** Shares of Black Cat Syndicate  BC8.AX  fall as much as
18.8% to A$0.280, their lowest level since May 10 
    ** Gold miner to raise A$36 mln ($24.08 mln) via a two
tranche placement
    ** Issue price of A$0.27 per share represents a 21.7%
discount to stock's last close 
    ** Co says funds from placement will be used to restart its
Paulsens Gold operation in Western Australia 
    ** About 1.7 mln shares change hands, compared with the
30-day average trading volume of 755,188 shares 
    ** Stock up 38% YTD, as of last close
   
($1 = 1.4948 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))