Australia's Hannans marks worst day since Oct on discounted placement

Redivium

01/02/2022 01:03

** Shares of Hannans Ltd  HNR.AX  slump as much as 17.5% to
A$0.047, their biggest intraday pct fall since Oct. 4
    ** The lithium-focussed miner says that it is looking to
raise upto A$3.5 mln via a share placement ($2.47 mln)
 urn:newsml:reuters.com:*:nFWN2UB1KQ
    ** Issue price of 3.5 Australian cents per share is at a
38.6% discount to the stock's closing price, when it last traded
on Jan. 19 
    ** Co says the funds raised will be used to fund its
expansion plans into the United Kingdom, Ireland, Italy, and the
Balkans by way of executing a Heads of Agreement (HOA)
    ** Says HOA is signed for entering into the lithium 
recycling markets in the regions. 
    ** Stock hits lowest since Jan. 17
    ** Stock has risen 42.5% this year, as of last close

($1 = 1.4152 Australian dollars)

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