Australia's WA Kaolin eyes best day ever on premium placement

WA Kaolin

01/05/2024 04:14

** Shares of WA Kaolin  WAK.AX  jump as much as 35.7% to
A$0.057, posting record intraday pct gain 
    ** Kaolin producer announces a two-tranche placement to
raise about A$7 mln ($4.53 mln) 
    ** Issue price of A$0.06 a share is at a 42.9% premium to
last close on April 26 
    ** Co says funds raised will be used for engineering
solutions to increase yield and capacity of kaolin products at
its Wickepin plant, among others
    ** Shares hit their highest level since April 5
    ** More than 837,000 shares change hands vs the 30-day
average of 98,434 shares 
    ** Stock down ~56% YTD, as of last close 
($1 = 1.5458 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))