Australia's Kogi Iron slumps on discounted share placement

Macro Metals

30/03/2022 02:29

** Shares of Kogi Iron Ltd  KFE.AX  slump as much as 20% to
A$0.008, their biggest intraday pct loss since Dec 8
    ** The mining co says it is raising A$5 million ($3.75
million) via a share placement and a share purchase plan (news)
 urn:newsml:reuters.com:*:nFWN2VW10A
    ** Co says it has already received commitments to raise
A$1.73 mln via the share placement, and now intends to raise up
to A$3.3 mln
    ** Funds raised will be used for drilling at Catho Well
North in Western Australia, among others 
    ** Issue price for both, A$0.008 per share, is at a 20%
discount to the last trading price on March 25
    ** Shares hit lowest since Mar 2
    ** Stock has fallen 16.7% this year as of last close

($1 = 1.3317 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))