Australia's Carnaby Resources slides on discounted placement

Carnaby Resources

24/01/2022 04:18

** Shares of Carnaby Resources Ltd  CNB.AX  dip as much as
9.2% to A$1.44 after co announces completion of discounted
capital raise
    ** Mineral explorer says it received firm commitments for a
A$20 mln ($14.36 mln) placement at A$1.30 per new share
 urn:newsml:reuters.com:*:nASX1L4hP6 
    ** Placement price represents a near 18% discount to CNB's
last close of A$1.585 on Thursday, before the stock went on a
trading halt
    ** Co says proceeds from placement will primarily be used
for exploration at the Greater Duchess Copper Gold Project in
Queensland
    ** Stock hits lowest level since Jan. 12; set for worst
session since Jan. 14
    ** CNB up 17.4% this year, as of last close 
    
($1 = 1.3928 Australian dollars)

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