Australia's Korab Resources sees worst day in 16 months on discounted placement

Korab Resources

28/10/2021 05:20

** Shares of mining and exploration co Korab Resources Ltd
 KOR.AX  fall as much as 22.7% to A$0.058, eyeing their worst
day since June, 2020
    ** Co announces completion of placement to raise A$1.897
million ($1.42 million) to continue its exploration work, fund
working capital and retire debt  urn:newsml:reuters.com:*:nASXbcPHzp
    ** Issue price of 5.5 Australian cents represents a discount
of 26.7% compared to their last close of Oct 26
    ** Co issued about 34.5 mln shares representing 25.1% to its
free float issue
    ** More than 20 mln shares traded vs their 30-day moving avg
of about 3 mln shares
    ** KOR was on a trading halt since Oct 27; stock up 476.9%
YTD, as of last close


($1 = 1.3328 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com))