Australia's Larvotto Resources slumps most since May on discounted raise

Larvotto Resources

08/07/2024 01:59

** Shares of Larvotto Resources  LRV.AX  slump as much as
15.4% to A$0.110, set to see their worst day since May 9, if
losses hold 
    ** The diversified miner says it has received firm
commitments to raise A$5 million ($3.37 million) via a share
placement 
    ** Issue price of A$0.105 per share is at a 19.2% discount
to co's last closing price on July 3 
    ** Funds raised will be used to develop its flagship
Hillgrove gold-antimony project in New South Wales
    ** Stock has risen 85.6% this year, as of last close


($1 = 1.4835 Australian dollars)

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