Australia's Lindian Resources falls on discounted placement

Lindian Resources

02/12/2022 24:29

** Shares of bauxite-focussed explorer Lindian Resources Ltd
 LIN.AX  fall as much as 16.3% to A$0.205, lowest since Nov. 16
    ** Co announces placement of 76.2 mln shares to raise A$16
mln ($10.88 mln) 
    ** Issue price of A$0.21 per share represents a 14.3%
discount to the stock's last close
    ** Co says placement to facilitate early payment of next
tranche payment for acquiring Rift Valley Resource Developments
Ltd that holds 100% of Kangankunde Rare Earths project in Malawi
    ** More than 2.7 mln shares change hands, 1.7 times the
30-day average of 1.7 mln shares
    ** As of last close, stock had risen more than seven-fold in
value this year
($1 = 1.4706 Australian dollars)
 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))