Australia's West Cobar jumps on placement to fund WA project

West Cobar Metals

11/11/2022 02:34

** Shares of West Cobar Metals Ltd  WC1.AX  rise as much as
25.5% to A$0.21, on track to see their best day since Oct 7, if
gains hold 
    ** The ineral explorer says co to raise A$2.26 mln ($1.49
mln) via oversubscribed placement  urn:newsml:reuters.com:*:nASX667K9G
    ** Shares of co hit highest since Oct 27
    ** Says placement at an issue price at A$0.15 per share,
which is at a discount of 11.8% to stock's last close
    ** Says proceeds will primarily be used to advance
exploration in co's Salazar REE project in Western Australia
    ** More than 549,760 shares trade hands, compared with
30-day average trading volume of 139,390 shares 
    ** Co shares up 21.4% YTD, as of last close 
    ($1 = 1.5184 Australian dollars)
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))