Australia's Arizona Lithium hits 3-week high on premium placement

Prairie Lithium

18/12/2023 24:32

** Shares of Arizona Lithium  AZL.AX  soar as much as 18% to
A$0.046, hitting their highest since Nov 27 
    ** Stock set for best day since Dec 8, if current gains hold
    ** Lithium explorer says it has received firm commitments to
raise A$16.5 mln ($11.06 mln) via a placement 
    ** Co says funds raised will be used to advance its work at
the Prairie lithium project in Canada 
    ** Issue price of A$0.051/share is at a 30% premium to
stock's last closing price on Dec 13 
    ** Stock down 37.1% this year, as of last close

($1 = 1.4912 Australian dollars)

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