Australia's Bluechiip hits 1-week low on discounted placement

Bluechiip

18/10/2023 04:18

** Shares of Bluechiip Ltd  BCT.AX  fall as much as 3.7% to
A$0.026, their lowest level since Oct. 11
    ** Wireless tracking solutions provider raises A$1.54 mln
($981,288.00) through a placement
    ** Issue price of A$0.021 per ordinary share is at a 22.2%
discount to stock's last close 
    ** Co intends to use proceeds from placement for production
scaling and sales expansion, among others 
    ** Bluechiip stock down 12.9% YTD, as of last close 
   
($1 = 1.5694 Australian dollars)

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