Australia's Cobre falls most since Oct 2023 on discounted placement

Cobre

01/11/2024 05:08

** Copper explorer Cobre  CBE.AX  falls as much as 13.8% to
A$0.069, its biggest intraday pct fall since Oct. 5, 2023
    ** Co gets commitments to raise A$4.6 mln ($3 mln) via
placement of 71.4 mln new shares
    ** Issue price of A$0.065 is a ~19% discount to last close
    ** CBE says funds will be used for exploration activities
at Ngami and Okavango projects in Botswana and other places
    ** Stock hits its lowest since late September
    ** CBE up 61.4% YTD

($1 = A$1.5202)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))