| Coppermoly lists on the ASX at discount
Copper and gold explorer Coppermoly Ltd has debuted on the Australian stock exchange at a 24 per cent discount to its offer price following its $8 million float. The company, which explores for copper, gold and molybdenum in Papua New Guinea (PNG), issued 34 million shares at 25 cents each. Its shares began trading at 14 cents today and fell as low as 12 cents in intraday trade before closing at 13 cents. The company has two exploration tenements, Simuku and Nakru, on the island of New Britain in PNG. Coppermoly said that it had completed two drill holes intended to extend the known molybdenum mineralisation at its Simuku project. "Molybdenite (a mineral that contains molybdenum) was intersected in both holes, and assays are expected in approximately four weeks," the company said.
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STOCKS: Wall Street closed lower Wednesday, sacrificing the advance it made after the Federal Reserve cut interest rates half a percentage point. Investors collected profits after nearly three sessions of big gains, unwilling to leave money on the table amid ongoing economic uncertainty. The Federal Reserve lowered the fed funds rate, or the interest banks pay one another for overnight loans, to 3 pct, the lowest level since spring 2005. It also lowered the discount rate, or the interest the Fed charges on loans to banks, by a half-point to 3.50 pct. FOREX: The dollar slid lower Wednesday after the Federal Reserve made an expected half-point cut in the federal funds rate and signalled that more moves lower could be forthcoming. BONDS: Treasurys reversed losses in after-hours trading Wednesday as the stock market gave back a big advance prompted by the Federal Reserve's widely expected interest rate cut.
MiddleBrook closes $21M stock offering
GERMANTOWN, Md. - MiddleBrook Pharmaceuticals Inc. said Wednesday it closed a private offering of common stock for $21 million in gross proceeds. On Friday, the company said it would offer about 8.8 million shares at $2.40 apiece, representing a 20 percent discount to Thursday's closing price of $2.99. The company said it would use the proceeds to support the production of its antibiotic Moxatag and for general corporate purposes. Moxatag, which treats strep throat in adults and children years and older, was approved by the Food and Drug Administration Thursday. Shares of MiddleBrook fell 5 cents to $3 in afternoon trading. .
NetSuite IPO closes, generates $185 million
The $185.4 million is a gross amount from which underwriting discounts and expenses will be deducted, the company said. Moreover, 365,000 of the shares bought by the underwriters were owned by stockholders like NetSuite's CEO and chief technology officer, so the proceeds from those shares -- about $9.5 million -- won't go to the company. In the final IPO prospectus, NetSuite had estimated that, if the underwriters exercised their option in full -- as they did -- NetSuite's IPO net proceeds would be approximately $161.9 million. NetSuite initially set a range of $13 to $16 per share for its IPO but subsequently raised it and eventually set the price at $26 per share on Thursday of last week, the day when the stock started trading on the New York Stock Exchange under the "N" symbol.
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