Australia's Lotus Resources faces worst day since March on discounted placement

Lotus Resources

02/09/2022 03:32

** Shares of Lotus Resources Ltd  LOT.AX  plunge as much as
18.7% to A$0.240, set to mark worst day since March 4 if losses
hold 
    ** Uranium miner says it has completed a share placement to
raise A$25 mln ($16.96 mln)  urn:newsml:reuters.com:*:nFWN3081W0
    ** Says funds raised will be used for the development of the
Kayelekera uranium project in Malawi, among others  
    ** Issue price of A$0.24 per share represents an 18.6%
discount to the last closing price on Aug. 31 
    ** About 9.5 mln shares change hands, 3.3 times the 30-day
average of 2.9 mln shares 
    ** Stock had fallen ~4.8% this year, as of last close

($1 = 1.4738 Australian dollars)

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