Australia's Redbank Copper hits over 1-month low on discounted placement

NT Minerals

11/04/2022 04:23

** Shares of Redbank Copper  RCP.AX  slip as much as 7.1% to
A$0.039, their lowest since March 3 
    ** The copper explorer says it has received firm commitments
for A$4 mln ($2.97 mln) share placement  urn:newsml:reuters.com:*:nFWN2W708O
    ** Co says funds raised will be used for its exploration
programmes and associated study work at the Redbank Copper
Project in the McArthur Basis, Northern Territory
    ** Issue price of A$0.035 per share is at a 16.6% discount
to the last closing price on April 6
    ** Shares set for worst day since March 30, if losses hold
    ** Stock down 22.2% this year, as of last close

    ($1 = 1.3448 Australian dollars)

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