Australia's Lanthanein Resources hits about 6-month low on discounted placement

Fortuna Metals

01/02/2023 24:07

** Shares of Lanthanein Resources  LNR.AX  slump as much as
9.5% to A$0.019, their lowest level since Aug. 4, 2022
    ** The diversified miner says it has received firm
commitments to raise A$2.5 million ($1.76 million) via a
placement
    ** Issue price of A$0.018 per share is at a 14.3% discount
to last close on Jan. 27
    ** Says funds raised will be used primarily to fund drill
programs planned at co's Gascoyne REE Project and Murraydium
Ionic Clay REE Project
    ** Biggest intraday pct loss since Dec. 19, 2022
    ** Volumes are 1.6x the 30-day average of 6.3 mln shares
    ** Stock rose 5% in 2022
($1 = 1.4186 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))