Australia's Challenger hits over 2-mth high on premium capital raise

Challenger Gold

09/09/2022 04:25

** Shares of Challenger Exploration Ltd  CEL.AX  rise as
much as 12.8% to A$0.220, their highest since June 22 
    ** The gold producer says it has secured A$22 mln ($14.93
mln) investment from Queen's Road Capital Investment Ltd  47U.F 
via unsecured convertible debentures  urn:newsml:reuters.com:*:nASX7YZlcq 
    ** Co says debentures convert into co's shares at a price of
A$0.25, which is at a premium of 28.2% to the stock's last close
    ** Says raised capital will be used for an updated mineral
resource estimate and scoping study at its Hualilan Gold project
in San Juan Argentina, among others 
    ** Co also raises A$2.6 mln from its largest institutional
shareholder at a discount of 2.6% to the stock's last close 
    ** Co on track to record its best day since July 19, if
gains hold  
    ** Shares are down 33.9% YTD as of last close 


($1 = 1.4732 Australian dollars)

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