Australia's Latrobe Magnesium falls on discounted placement

Latrobe Magnesium

13/10/2025 03:13

** Shares of Latrobe Magnesium LMG.AX fall as much as 11.1% to A$0.024, their biggest intraday pct loss since September 22

** Stocks hits their lowest level since September 24

** The specialty miner says it raised A$6 million ($3.92 million) via placement, A$4 million via non-renounceable entitlement offer

** Issue price of A$0.023 per share under placement, entitlement offer represents a discount of ~14.8% to stock's last close

** Funds raised will be used to complete the 500 TPA magnesium plant, others

** Stock has gained 25%, YTD, including current session's move

($1 = 1.5316 Australian dollars)

 (Reporting by Ananya Verma in Bengaluru)

 ((ananya.verma@thomsonreuters.com;))