Why Taseko Mines Shares Fell 18% Today

Shares of copper miner Taseko Mines Limited (NYSEMKT: TGB) plunged 18% Thursday after the company announced a share offering deal priced at about that same level below yesterday's closing price. 

The underwriting contract with Cantor Fitzgerald Canada as lead underwriter was announced yesterday and existing shareholders didn't like the deal. 

Taseko said the underwriters will purchase 27.75 million shares of common stock at a price of $0.83 per share. Shares of the miner closed yesterday at $0.99 per share. 

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Source Fool.com