Australia's Cooper Metals tumbles on discounted share sale to fund project acquisition
BUZZ-Australia's Cooper Metals tumbles on discounted share sale to fund project acquisition ** Shares of Cooper Metals CPM.AX plunge as much as 24.73% to A$0.07, their steepest intraday percentage decline since March 2024
** Stock hit their lowest level in about 1-1/2 months
** The miner says it will acquire an 85% interest in the Colet Copper Project in the Philippines via a share-based deal, a 1.5% royalty with buyback provisions, among others
** To fund the acquisition and its initial exploration programme, company launched a A$4.85 million ($3.39 million) capital raise at A$0.075 per share, with firm commitments already secured for a A$2.16 million placement
** Issue price represents a 19.4% discount to the stock's last closing price
** CPM stock down 33.9%, YTD
($1 = 1.4310 Australian dollars)
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
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