Australia's Ookami falls on discounted placement

First Lithium

22/04/2022 03:50

April 22 (Reuters) -    ** Shares of mining exploration
company Ookami Ltd  OOK.AX  fall as much as 2.7% to A$0.18,
their lowest value since April 1
    ** Says to raise capital of A$2 mln ($1.47 mln) via A$1.35
mln placement and a A$683,000 fully underwritten entitlement
offer
    ** Placement at an issue price of A$0.18 per new share; a
2.7% discount to the last closing price of A$0.185
    ** Co has entered share sale agreement to acquire 100% of
the issued share capital of African Mining Corporation Pty Ltd
    ** AMC has the right to earn up to 85% equity interest in
three Cameroonian entities, which have applied for six mineral
exploration permits considered prospective for Rutile and Heavy
Mineral Sands
    ** Funds to be used for exploration at the permits and
working capital purposes
    ** Stock posts its biggest intraday pct fall since April 14
    ** About 421,548 shares change hands, compared with the
30-day average volume of 40,317
    ** Stock up 8.82% this year, as of last close

     ($1 = 1.3600 Australian dollars)
    

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))