Australia's Cobalt Blue falls on discounted placement

Cobalt Blue Holdings

18/04/2024 02:14

** Shares of Cobalt Blue  COB.AX  fall as much as 17.9% to
A$0.115, their lowest level since Dec. 21, 2020       
    ** Cobalt miner says it completed an A$5 mln ($3.22 million)
placement to fund refinery development programs, among others   
    ** Issue price of A$0.115 per share is at a 21.7% discount
to stock's last close
    ** Stock set for worst day since Feb. 26, if losses hold
    ** About 1 mln shares change hands, compared with the 30-day
average volume of 379,935
    ** COB down 40.4% YTD as of last close

($1 = 1.5516 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))