Australia's Red Dirt Metals falls most in 6 weeks on discounted placement

Delta Lithium

01/12/2022 01:15

** Shares of Red Dirt Metals Ltd  RDT.AX  drop as much as
10.6% to A$0.505 in their biggest intraday pct loss since Oct 19
    ** Co says it has received firm commitments to raise A$55
mln ($37.43 mln) in a placement
    ** Issue price of A$0.50 per share is at an 11.5% discount
to stock's last close on Nov 29
    ** Says proceeds from placement will be used for co's Mt.
Ida and Yinnetharra lithium projects
    ** Shares touch their lowest since Oct 27
    ** Stock had fallen 15% this year, as of last close 
($1 = 1.4693 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))