Carnaby Agrees With Queensland Fund to Complete Nearly AU$13 Million Placement; Shares Hit 52-Week High

MT Newswires Live10-15

Carnaby Resources (ASX:CNB) entered a conditional subscription agreement with the QIC Critical Minerals and Battery Technology Fund to complete a AU$12.5 million placement, according to a Wednesday filing with the Australian bourse.

The company will issue about 37.9 million shares to the Fund at AU$0.33 per share, the filing said.

The offer price represents a 15% discount to the stock's 20-day volume-weighted average price, the filing added.

Proceeds will be used to complete a final investment decision by the third quarter of next year at the company's Greater Duchess project, the company said.

Shares of the company fell 1% in recent Wednesday trade and earlier hit a 52-week high.

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