Australia's IPB Petroleum sees worst day six months on discounted capital raise

Forte Energy

09/02/2023 24:40

** Shares of IPB Petroleum  IPB.AX  slump as much as 21.4%
to A$0.011, seeing their biggest pct drop since Aug 15 if
current losses hold
    ** Oil and gas explorer says raising up to A$3.37 mln ($2.33
mln) via share placement and non-renounceable rights issue
    ** Issue price of 0.90 AU cents per share at a 35.7%
discount to last closing price on Feb 6 
    ** Co says funds raised will be used to progress farmout
activities in wholly-owned WA-424-P petroleum exploration
permits in the Browse Basin, Western Australia, among others
    ** Stock had risen ~65.6% this year, as of last close
($1 = 1.4434 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))