Australia's Cobalt Blue slips most in nearly 5 months on discounted capital raise

Cobalt Blue Holdings

07/11/2022 24:37

** Shares of Cobalt Blue  COB.AX  fall as much as 11.4% to
A$0.585, tracking their worst day since June 14 - if losses hold
    ** The cobalt miner says it has completed a private
placement and entitlement issue to raise up to A$16 million 
($10.30 million)  urn:newsml:reuters.com:*:nTUE4SBXGB
    ** Adds placement will consist of A$4 mln, while entitlement
offer will aim to raise between A$10mln - A$12 mln 
    ** Co says funds raised will be used to advance its
activities through to 2H 2023 in parallel with work on
completing the Definitive Feasibility Study on the Broken Hill
Cobalt Project in New South Wales , among others 
    ** The issue price of $0.58 per share represents a 12%
discount to the closing price on Nov 2 
    ** Stock has risen ~33.3% this year as of last close
($1 = 1.5528 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))