Australia's Lion Energy drops most in a week on discounted placement

Lion Energy

17/11/2021 03:29

** Shares of Lion Energy  LIO.AX  fall as much as 9.3% to
A$0.09, marking their biggest intra-day percentage fall since
Nov. 10
    ** Australia-based oil and gas explorer says it raised A$6.1
mln ($4.44 mln) by way of placement at 8 cents per share
 urn:newsml:reuters.com:*:nFWN2S71WG
    ** The issue is at a discount of 17.5% from the closing
price on Nov. 12; the stock went on a trading halt on Monday
    ** Adds it will raise a further A$3.5 mln under the term of
placement 
    ** Co says funds will be used to explore green hydrogen
business opportunities in Australia, among others   
    ** 7.9 mln shares change hands, compared with the 30-day
average volume of 6.1 mln 
    ** Stock has more than tripled in value this year, as of
last close 


($1 = 1.3731 Australian dollars)

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))