Australia Latrobe Magnesium slumps on discounted placement

Latrobe Magnesium

30/05/2024 03:07

** Shares of Latrobe Magnesium  LMG.AX  fall as much as
16.1% to A$0.047, set for worst day since Jan. 25, 2022    
    ** Magnesium producer says it received firm commitments for
an A$12 million ($7.93 million) placement to accelerate
magnesium projects 
    ** Issue price of A$0.045 per share is at a 19.6% discount
to the stock's last close
    ** Stock lowest since May 6    
    ** Over 4.4 mln shares change hands, compared with the
30-day average volume of 1.1 mln     
    ** LMG down 12.5% YTD as of last close

($1 = 1.5124 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))