Australia's LCL Resources drops to 3-1/2-year low on discounted placement

LCL Resources

30/11/2023 24:50

** Shares of LCL Resources  LCL.AX  fall as much as 20.8% to
A$0.019, their lowest level since March 27, 2020
    ** Stock down 12.5%, set for worst day since Feb 24, if
losses hold 
    ** The mining explorer says it received firm commitments to
raise A$3 mln ($1.99 mln) at an issue price of A$0.019 per share
    ** Issue price represents discount of 20.8% to stock's last
close
    ** More than 2.5 mln shares change hands, compared with the
30-day average volume of 1.1 mln shares
    ** Stock down 58% YTD, as of last close

   ($1 = 1.5110 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))