Australia's Arizona Lithium eyes worst day in over 3 weeks on placement

Prairie Lithium

18/07/2022 01:52

** Shares of Arizona Lithium  AZL.AX  slump as much as 10.6%
to A$0.076, their worst day since June 23 — if losses hold 
    ** The gold-lithium producer says it has received
commitments to raise about A$12 million ($8.16 million) via a
share placement  urn:newsml:reuters.com:*:nFWN2YX00M
    ** Co says funds raised will be used to purchase land for a
lithium processing plant as well as advancement of a lithium
research centre in Arizona, U.S. 
    ** Issue price of A$0.07 per share is at a 17.6% discount to
the last closing price on July 14, before it went on a trading
halt 
    ** Shares hit lowest since June 23 
    ** Stock has fallen 19.1% this year, as of last close

($1 = 1.4702 Australian dollars)

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