Australia's Larvotto Resources eyes worst day in four months on discounted placement

Larvotto Resources

14/10/2022 03:16

** Shares of Australia's Larvotto Resources  LRV.AX  fall as
much as 20% to A$2 - set to mark worst session since June 14 if
losses hold
    ** Explorer says it has received firm commitments for a
placement to raise A$2 mln ($1.27 mln)  urn:newsml:reuters.com:*:nASX2Lp0gR
    ** Says placement at an issue price of A$0.18 per share, a
discount of 28% to stock's last close
    ** Adds proceeds will be used to further exploration
activities including drilling at Mt Isa Copper Project,
Queensland, and Ohakuri Gold Project, New Zealand
    ** Stock had doubled in value this year, as of last close
($1 = 1.5780 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))