Shares of Cannindah Resources (ASX:CAE) falter suffering as much as an 8.3% drop to A$0.110, headlining their poorest performance since September 11, assuming losses persist.

The exploration company intends to garner up to A$2 million through a share purchase plan.

The issue price of A$0.10 per share presents a 16.7% discount to the stock’s previous close.

The company’s shares plummeted to their lowest level since September 13, amid a 50% year-to-date slide, evaluated at the last closure.

Cannindah Resources (ASX:CAE) is an exploration company endeavoring to raise funds via a discounted share purchase plan.