Australia's Caspin Resources hits record low on discounted placement

Caspin Resources

11/04/2023 02:58

** Shares of minerals explorer Caspin Resources  CPN.AX 
slide as much as 19.5% to a record low of A$0.33 
    ** Co to raise A$3.8 million through share placement at
A$0.30 apiece 
    ** Issue price represents a 26.8% discount to the shares'
last closing price of A$0.41 
    ** Funds to be used for ongoing exploration efforts at co's
flagship Yarawindah Brook project, from where it looks to
produce nickel, copper and platinum-group elements
    ** Stock logs worst intraday loss since Oct. 20, 2021
    ** Trading volumes cross 7 times the 30-day average, with
about 453,000 shares traded so far 
    ** As of last close, stock down 34.9% YTD 

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