Australia's Classic Minerals slumps on discounted entitlement offer

Classic Minerals

19/09/2022 05:33

** Shares of Australia's Classic Minerals Ltd  CLZ.AX  fall
as much as 10.5% to A$0.017, their lowest since Sept. 1
    ** Mineral explorer announces intention to undertake a
partially underwritten, non-renounceable pro-rata entitlement
offer to raise up to A$3.65 mln ($2.45 mln)  urn:newsml:reuters.com:*:nASX4Fx9Fp
    ** Co will issue about 228 mln new shares at A$0.016 per
share, a discount of 15.8% to stock's last close of A$0.019
    ** Stock posts its biggest intraday pct fall since Sept. 13
    ** Stock had risen 26.7% this year, as of last close

($1 = 1.4914 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))