May 8, 2019 / 2:53 AM / 6 months ago

BUZZ-Australia's Lepidico drops on plans to buy Canadian lithium miner

** Shares of lithium explorer Lepidico Ltd drop as much as 15.8 pct to A$0.032, their lowest since April 12

** Co said after market hours on Tuesday that it will acquire all shares in Toronto-based Desert Lion Energy Inc for 5.4 ordinary Lepidico shares for every DLI share, or A$0.2052 per share, based on Lepidico’s last close of A$0.038

** Offer represents a roughly 25.2 pct premium to lithium miner Desert Lion’s close of C$0.145 (0.1535 Australian dollars) on Monday; DLI had plunged 10.3 pct on Tuesday following the announcement

** LPD to also undertake a 1-for-9 pro-rata entitlement offer at an issue price of A$0.029 per share to raise up to A$10.8 mln ($7.58 mln)

** LPD stock posts worst intraday pct drop since Oct 1, 2018; resumes trade after being halted on Monday

** About 19.2 mln shares traded, compared with 30-day avg vol of 12.8 mln shares (1 Australian dollar = 0.9445 Canadian dollars) ($1 = 1.4257 Australian dollars)

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