Coolabah Metals (ASX:CBH) plummets on first day of ASX trade

• Coolabah Metals (CBH) have had a disappointing first day of trade after landing on the ASX this morning
• The company shed 20 per cent from its initial public offering (IPO) price of 20 cents, earning it a top spot on the biggest ASX share price falls of the day
• Coolabah raised $6 million through the IPO process, which will allow it to execute its planned exploration program across its projects
• CBH have two projects in the Lachlan Ford belt of New South Wales and one in Mount Isa, Queensland
• Shares are trading 20 per cent lower at 16 cents at market close

Coolabah Metals (CBH) has had a disappointing first day of trade after landing on the ASX this morning.

The company shed 20 per cent from its initial public offering (IPO) price of 20 cents, earning it a top spot on the biggest ASX share price falls of the day.

The minerals explorer has two projects in the Lachlan Ford belt of New South Wales and one in Mount Isa, Queensland.

These projects focus on exploring a range of minerals including gold, copper, zinc, silver, and tin.

Coolabah raised $6 million through the IPO process, which will allow it to execute its planned exploration program across its projects.

Managing Director Cameron Provost said he was excited to update the market on its exploration progress in the coming weeks and months.

“To facilitate and achieve the listing today is a phenomenal achievement,” he said.

“We are extremely excited to commence our exploration activities across our three prospective projects at Coolabah, Nymagee and Gunpowder Creek.”

CBH shares were trading 20 per cent lower at 16 cents at market close.