Australia's Loyal Lithium falls on discounted placement

Loyal Metals

14/09/2023 01:48

** Shares of Loyal Lithium Ltd  LLI.AX  fall as much as 8.9%
to A$0.765, set for worst day since Aug. 28, if losses hold
    ** Lithium miner says it received firm commitments to raise
A$5 mln ($3.21 mln) in institutional placement
    ** Issue price of A$0.750 per share represents a 10.7%
discount to stock's last close on Sept. 12
    ** Placement proceeds will be used for drilling campaigns
and general working capital - co
    ** Stock hits its lowest level since Sept. 8
    ** LLI up 184.8% YTD, as of last close

($1 = 1.5557 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))