Australia's Cannindah Resources drops on discounted capital raise

Cannindah Resources

21/09/2023 02:16

** Shares of Cannindah Resources Ltd  CAE.AX  fall as much
as 8.3% to A$0.110, set for their worst day since Sept 11, if
losses hold 
    ** The exploration co to raise up to A$2 mln ($1.29 mln)
through a share purchase plan
    ** Issue price of A$0.10 per share is a 16.7% discount to
stock's last close 
    ** Co's shares hit lowest level since Sept 13
    ** CAE down 50% YTD, as of last close 
   
    ($1 = 1.5562 Australian dollars)

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