Australia's Lycaon Resources slumps on discounted capital raise

Solara Minerals

26/07/2023 03:36

** Shares of Lycaon Resources Ltd  LYN.AX  slump as much as
8.6% to A$0.265, their lowest since July 19
    ** Gold miner says received firm commitments to raise A$1.5
mln ($1.01 mln) through the issue of 6 mln shares
    ** Issue price of A$0.25/share represents a 13.7% discount
to last traded price of A$0.29 on July 21
    ** Lycaon was placed on a trading halt on July 24, pending
announcement on proposed capital raising 
    ** Stock posts its biggest intraday pct fall since July 19
    ** Nearly 315,450 shares change hands, thrice the 30-day
average volume 
    ** Stock up 5.5% this year, as of last close

($1 = 1.4806 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))