Australia's Cobre hits over 1-month low on discounted placement

Cobre

19/12/2022 24:44

** Shares of Cobre Ltd  CBE.AX  fall as much as 5.9% to
A$0.16, their lowest level since Nov 1 
    ** The miner announces A$5 mln ($3.35 mln) placement at an
issue price of A$0.15 per new share 
    ** Co's shares set for worst day since Dec 6, if losses hold
    ** Placement is at a discount of 11.8% to stock's last close
    ** Co also intends to launch a share purchase plan to raise
up to an additional A$1 mln 
    ** Cobre shares up 80.9% YTD, as of last close 
     ($1 = 1.4941 Australian dollars)
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))