Australia's Classic Minerals tumbles on discounted stock offering

Classic Minerals

02/08/2021 06:18

** Shares of Classic Minerals Ltd  CLZ.AX  tank as much as
50% to A$0.001, their biggest intraday pct fall since July 23
    ** The gold explorer says it will raise up to A$8.4 mln
($6.17 mln) via a share purchase plan (SPP) to eligible
shareholders  urn:newsml:reuters.com:*:nASX6H19xC
    ** Offering is priced at 0.13 Australian cents per share, a
discount of 35% to stock's last close
    ** Says funds raised will be used for various drilling gold
exploration projects 
    ** Stock has doubled in value this year, as of last close
   

($1 = 1.3624 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))