Australian firm Lake Resources NL (ASX:LKE) saw its shares dip by as much as 24.4% to A$0.087, the biggest intraday plunge the company has experienced since June 2023.

This fall has brought the company’s shares to their lowest level since February 6.

The lithium developer received firm agreements in an institutional placement to raise A$15 million at an issue price of A$0.07 per share.

This price signifies a discount of 39.1% to the last closure of the company’s stock.

The issue of 213.6 million shares makes up approximately 0.2% of the company’s free float of 1.18 billion shares, according to LSEG data.

The company’s stock has declined by 11.5% Year to Date at last closure.

Lake Resources NL (ASX:LKE) is a lithium developer based in Australia.