Lithium Australia set for worst day since June on discounted placement

Livium

31/08/2022 03:38

** Shares of Lithium Australia  LIT.AX  drop as much as
13.3% to A$0.072, set for their worst day since June 14, if
losses hold 
    ** The lithium explorer says it has received firm
commitments to raise A$12.1 mln ($8.30 mln) via a share
placement  urn:newsml:reuters.com:*:nFWN3061P9
    ** Co says funds raised will be used primarily towards
commercialisation of battery recycling through Envirostream, its
unit and advanced cathode powders via VSPC Pty Ltd, another unit
    ** Issue price of A$0.065 per share is at about 22% discount
to the last closing price on Aug 26 
    ** Shares hit lowest since Aug 4
    ** Stock down ~27.8% this year, as of last close

    ($1 = 1.4582 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))