Shares of Arizona Lithium (ASX:AZL) fall as much as 18.8% to A$0.026, their lowest level since July 1, 2021.

The exploration company raised A$10 million ($6.70 million) via a placement to institutional and sophisticated investors, with an issue price of A$0.025 per share, a 21.9% discount to the stock’s last close. This marks the company’s biggest intraday fall since June 23. About 21.9 million shares changed hands compared to the 30-day average trading volume of 6.4 million shares. The shares of Arizona Lithium are down 48.4% year-to-date as of the last close.