Tiger Brokers

BUZZ-Australia's Comet Ridge hits 19-month low on discounted placement

Reuters
Dec 12, 2024

** Shares of energy co Comet Ridge fall as much as 12.9% to A$0.135, their lowest level since May 9, 2023

** Co is set for placement of A$12 million ($7.66 million)

** Offer price of A$0.14 represents a 9.7% discount to stock's last close on Dec. 9

** Co to use proceeds to fund its portion of Mahalo Joint Venture Front End Engineering Design (FEED) following approval

** Stock posts its biggest intraday percentage fall since July 27, 2023

** 2.4 million shares change hands, compared with the 30-day average volume of 917,696

** Stock has fallen 29.6% YTD, as of last close

($1 = 1.5664 Australian dollars)

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))

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