Australia's Larvotto Resources falls on discounted placement

Larvotto Resources

19/04/2024 01:36

** Shares of Larvotto Resources  LRV.AX  fall as much as
7.9% to A$0.082, hitting their lowest level since April 3
    ** Commodities explorer undertakes placement to raise A$2
mln ($1.28 mln) at an issue price of A$0.075 per share 
    ** Co says issue price is at a more than 15% discount to
stock's last closing price
    ** Stock on track for its worst day since April 9, if
current trend holds
    ** Stock set for its worst week since the week ended Nov 24,
if current trend holds
    ** Stock had risen over 27% this year, as of last close

($1 = 1.5581 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))