Australia's Comet Ridge hits 4.5-year low on discounted placement

Comet Ridge

Wed 05:09

** Shares of Australia's Comet Ridge COI.AX fall as much as 26.9% to A$0.095, their lowest since December 21, 2021
** Energy firm says it received firm commitments to raise A$40 million ($27.63 million) at an issue price of A$0.1025 per share
** Issue price represents a 21.2% discount to the last closing price
** Co also intends to undertake a share purchase plan to raise up to A$5.0 million from existing shareholders at the same issue price
** Proceeds will be used to settle the transaction costs to acquire the remaining 42.86% of the Mahalo Gas Project from Santos QNT and for working capital, among others
** Around 2.5 mln shares change hands, nearly 1.8x 30-day average
** COI down 25.9% YTD

($1 = 1.4478 Australian dollars)

 (Reporting by Keshav Singh Chundawat in Bengaluru)
 ((Keshav.singhchundawat@thomsonreuters.com))