Australia's Lunnon Metals falls on discounted placement

Lunnon Metals

17/08/2023 07:06

** Shares of Lunnon Metals  LM8.AX  fall as much as 9.2% to
A$0.89, its biggest intraday pct fall since Oct. 11, 2022
    ** Stock hits lowest level since July 24
    ** Nickel sulphide miner says got firm commitments to raise
A$18 mln ($11.5 mln) through placement of 20 mln shares
    ** Offer price of A$0.90 per share represents a 8.16%
discount to last closing price of A$0.980
    ** Funds raised will be used towards its discovery programs
for the projects in south-southeast Kalgoorlie 
    ** About 215,400 shares traded, compared with 30-day average
of 106,000 shares
    ** Stock has risen 9.5% this year, as of last close

($1 = 1.5657 Australian dollars)

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