Australia's Lotus Resources falls most in 2 years on upsized discounted placement

Lotus Resources

24/10/2024 02:11

** Shares of Lotus Resources  LOT.AX  fall as much as 17.5%
to A$0.260, posting their biggest intraday percentage drop since
Sept. 2, 2022
    ** Stock hits its lowest level since Oct. 16
    ** Uranium explorer increases size of its placement, now
looks to raise A$130 mln ($86.32 mln) compared with A$110 mln
previously announced
    ** Issue price of A$0.25 per share represents a 20.6%
discount to stock's last close
    ** About 15.8 mln shares change hands, compared with the
30-day average volume of around 9.5 mln
    ** Stock down 7% YTD, including session's move

($1 = 1.5060 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))