Australia's True North Copper faces worst day in over 1 yr on discounted placement

True North Copper

17/11/2023 01:12

** Shares of True North Copper  TNC.AX  fall as much as
22.6% to A$0.120, their lowest level since Oct 13, 2022
    ** Stock currently down 16.1%, faces worst day since Aug 14,
2022
    ** Specialty miner says it received firm commitments for a
A$15 mln($9.70 mln) two-tranche placement at an issue price of
A$0.12 per share
    ** Issue price represents discount of 22.6% from last close
    ** More than 1.2 mln shares change hands, 4.6x the 30-day
average volume of 256,305 shares
    ** Stock has risen 28.9% this year as of last close

($1 = 1.5463 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))