Australia's Creso Pharma falls most in over 5 months on discounted placement

Melodiol Global Health

04/08/2022 03:18

** Shares of Creso Pharma  CPH.AX  slump as much as 18.4% to
A$0.040, their worst intraday session since Feb 25
    ** The cannabis products maker says it has received firm
commitments to raise A$7 mln ($4.87 mln) via a share placement
 urn:newsml:reuters.com:*:nASM000M3Q
    ** Co says funds used will help further expansion into the
U.S. with pending acquisition target, Sierra Sage Herbs LLC,
among others 
    ** Issue price of A$0.04 per share is at an 18.4% discount
to the last closing price on July 26, before stock went on a
trading halt 
    ** Stock hits lowest level since July 14
    ** Stock down 40.2% this year, as of last close

    ($1 = 1.4376 Australian dollars)

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