Australia's Krakatoa Resources drops on discounted placement

Krakatoa Resources

29/11/2023 02:17

** Shares of Australia's Krakatoa Resources  KTA.AX  fall as
much as 12.2% to A$0.043, marking their biggest intraday pct
drop since Nov 10
    ** The mineral explorer says it received commitments to
place to raise A$6.6 mln ($4.40 mln) at issue price of A$0.043
per share
    ** Issue price represents a discount of 12.2% to stock's
last closing
    ** Adds that funds raised to be used in advancing drill
program at the King Tamba Project in Western Australia
    ** Issue of 37.2 mln shares represent 0.13% of co's free
float of ~277.0 mln shares - LSEG data
    ** Krakatoa stock up 11.4% YTD, as of last close

    ($1 = 1.5008 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com;))