Australia's Kalium Lakes falls to record low on discounted placement

Kalium Lakes

18/08/2022 03:27

** Shares of Kalium Lakes  KLL.AX  fall as much as 46.7% to
A$0.049, to hit a record low 
    ** The potash explorer says it has received firm commitments
to raise A$22 million  ($15.24 million) via a two-tranche
placement  urn:newsml:reuters.com:*:nFWN2ZT5DM
    ** Co also announces a share purchase plan to raise upto A$8
million at the same offer price as the placement  
    ** Co says funds raised will be used to provide working
capital during production ramp up at the Beyondie Sulphate of
Potash Mine at Western Australia in Q3 CY2024
    ** Issue price of A$0.04 per share represents discount of
56.5% to the last closing price on Aug. 9 
    ** Shares see their worst day since June 1 , 2020
    ** Stock has fallen 29.2% this year, as of last close

($1 = 1.4436 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))