Australia's Lithium Power slumps after discounted placement

Lithium Power International

09/09/2022 04:55

** Shares of Lithium Power International  LPI.AX  fall as
much as 12.2% to A$0.61, eyeing their worst session since June
14
    ** The lithium-focussed miner says it received firm
commitments to raise A$25 mln via share placement  urn:newsml:reuters.com:*:nASX2FxX3C
    ** Issue price of A$0.6 per share represents ~14% discount
to the last closing price of A$0.695 on Sept. 7, following which
the shares went on a trading halt
    ** More than 6.5 mln shares change hands, compared with the
30-day average volume of about 2.6 mln 
    ** Stock up ~51% this year, as of last close

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))