Australia's WA Kaolin hits two-week low on discounted placement

WA Kaolin

29/11/2022 02:22

** Shares of WA Kaolin  WAK.AX  drop as much as 8.8% to
A$0.155, hitting their lowest since Nov. 15
    ** The kaolin producer says it secured A$7.5 mln ($5.00
mln)in capital raising, comprising a A$5 mln share placement, a
A$1 mln converting loan, among others 
    ** The issue price of 33.3 mln new shares at A$0.15
represents a discount of 11.8% to Thursday's closing price after
which shares halted trading  
    ** Co says funds raised will be used to increase production
and to develop Stage 2 works at Wickepin Kaolin operations in
south-east of Perth
    ** About 678,243 shares have changed hands, compared with
the 30-day average of 227,093 shares 
    ** Stock is down 19.1% so far this year, as of last close 
($1 = 1.4993 Australian dollars)
 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))