EcoGraf drops 25.9% after discounted placement to fund Tanzania graphite project
EcoGraf shares dropped as much as 25.9% to A$0.225, their biggest intraday percentage fall since March 2025, after securing A$1.175 million via a discounted share placement. The funds will finalize debt financing for the Epanko graphite project in Tanzania.
225, their steepest intraday drop since March 27, 2025. The stock also touched its lowest level since August 12. 175 million ($820,150) through a share placement. 222 a share was more than 23% below the company’s last close on October 2, before it entered a trading halt for the placement announcement.
EcoGraf said the proceeds will be used to complete the debt financing process for the Epanko Project, a graphite project in Tanzania, among other uses. The stock is down more than 39% year to date. 4327 Australian dollars)