Australia's Creso Pharma touches record low on discounted placement

Melodiol Global Health

17/02/2023 02:32

** Shares of Creso Pharma  CPH.AX  slump as much as 5.6% to
a record low of A$0.017
    ** Cannabis co says secured firm commitments to raise A$2
mln ($1.37 mln) through issue of about 132.9 mln fully paid
ordinary shares
    ** Issue price of A$0.01506 per share at a 16.3% discount to
last close on Feb 14
    ** Co says funds raised to be used towards sales and
marketing initiatives in the United States, among others
    ** Stock posts its biggest intraday pct loss since Jan 16
    ** About 14.7 mln shares change hands, vs the 30-day average
of about 8.7 mln shares
    ** Stock had fallen 10% this year, as of last close
($1 = 1.4594 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))