Australia's Lindian Resources hits 9-year high on premium placement

Lindian Resources

01/06/2022 03:03

** Shares of bauxite-focussed exploration co Lindian
Resources  LIN.AX  climb as much as 16.3% to A$0.100, their
highest since May 29, 2013
    ** Co announces placement of 20 mln shares to raise A$2 mln
($1.44 mln)  urn:newsml:reuters.com:*:nASXbT8ps7
    ** Issue price of A$0.10 per share represents a 16.3%
premium to stock's last closing 
    ** Co says funds raised will be used to pursue potential
acquisition of Rift Valley Resources Developments Limited and
its Kangankunde Mining Project in Malawi
    ** More than 36.7 mln shares trade hands, 5.5 times the
30-day average of 6.7 mln shares
    ** As of last close, stock has more than doubled in value
this year

($1 = 1.3930 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))