Australia's Cavalier Resources slips on discounted placement

Cavalier Resources

05/09/2025 02:01

** Shares of Cavalier Resources Ltd CVR.AX fall 7.4% to A$0.250, their biggest intraday pct loss since June 20

** Stock hits its lowest level since August 27

** Mineral explorer receives a firm commitment to raise A$2.14 million ($1.39 million) via placement

** Issue price of A$0.23 per share is at a discount of 14.8% to stock's last close

** Co says funds to be used towards resource development drilling at the Crawford Gold Project in Leonora, Western Australia

** About 60,346 shares traded, 1.7x the 30-day average

** YTD stock up ~150%, including current session's move

($1 = 1.5389 Australian dollars)

(Reporting by Ananya Verma in Bengaluru)

((ananya.verma@thomsonreuters.com))