Australia's Lucapa Diamond hits record low on discounted placement

Lucapa Diamond Co

05/12/2024 04:43

** Shares of Lucapa Diamond  LOM.AX  fall as much as 45% to
a record low of A$0.022
    ** LOM shares mark their worst intraday drop since Nov. 8,
2010
    ** Co to raise A$2.67 mln ($1.72 mln) through placement of
133.5 mln shares 
    ** New shares to be issued at A$0.02 apiece, a 50% discount
to Dec. 2 close when trading was halted pending the announcement
    ** Funds raised to be utilised for the Merlin Diamond
Project and additional working capital
    ** Stock has fallen ~86% YTD

($1 = 1.5545 Australian dollars)

 (Reporting by Namrata Verma)
 ((Namrata.Verma@thomsonreuters.com;))