Australia's Cokal falls most in 4-1/2 mths on discounted placement

Cokal

23/02/2023 03:37

** Shares of Cokal Ltd  CKA.AX  slump as much as 10.8% to
A$0.165, their biggest intraday pct fall since Oct 7
    ** Coal company says it has received binding commitments to
raise gross proceeds of A$16 million ($10.94 million) at issue
price of A$0.16 per share, which is 13.5% discount to last close
on Feb 20
    ** Says proceeds to be used to fund various key initiatives
in 2023
    ** Shares hit lowest point since Nov 29
    ** Stock has fallen 14% so far this year, as of last close 
($1 = 1.4628 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))