Coda Minerals hits record low on discounted capital raise

Coda Minerals

23/09/2024 06:12

** Shares of Coda Minerals  COD.AX  fall as much as 17.3% to
an all-time low of A$0.080 as of 0344 GMT 
    ** Stock set to log its worst day since March 26, if current
trend holds
    ** The diversified miner announced issue of A$2 mln ($1.4
mln) fully underwritten entitlement offer
    ** Fundraise at an issue price of A$0.07 per share
represents a 28.6% discount to stock's last close on Sept. 18
    ** Co said proceeds will be used to develop workstreams at
the Elizabeth Creek Copper-Cobalt Project in South Australia.
    ** Stock has fallen ~45% YTD, including day's session

($1 = 1.4648 Australian dollars)

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