Australia's Canyon Resources tumbles on discounted placement

Canyon Resources

21/06/2022 04:44

** Shares of Canyon Resources  CAY.AX  slide as much as
44.8% to A$0.048, their worst intraday session 
    ** Says it has secured commitments from investors to raise
A$5 mln ($3.49 mln) at A$0.045 a share  urn:newsml:reuters.com:*:nGLF4r2mDK 
    ** Shares to be issued at a 48.3% discount to their last
closing price of A$0.087 on April 29, after which their shares
were suspended on the ASX
    ** CEO Jean-Sebastien Boutet has committed A$110,000 in the
placement 
    ** Shares resumed trade on Tuesday, hit lowest level since
March 7, 2016 
    ** CAY down 9.4% YTD, as of last close 
    
     ($1 = 1.4335 Australian dollars)

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))