Australia's Lode Resources slumps on discounted placement

Lode Resources

17/08/2022 05:48

** Shares of Lode Resources Ltd  LDR.AX  fall as much as
10.6% to A$0.1475, its lowest since June 17
    ** The Australian miner receives firm commitments to place
about 11.7 mln new shares for A$1.6 mln ($1.12 mln) (https://bit.ly/3ABvrtf)
    ** The issue prices at A$0.14 per share, a discount of 15.2%
to its last close on Friday, after which the stock went into a
trading halt 
    ** Co will issue one option for every two shares subscribed
    ** Says co will be fully funded for the upcoming drilling
programmes after the placement 
    ** Stock posts its biggest intraday pct loss since July 19
    ** As of last close, shares down 17.5% this year

    


($1 = 1.4294 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))