** Arizona Lithium AZL.AX plunges 22.2% to A$0.007, lowest level since June 2020

** Lithium explorer says it will raise A$2 mln ($1.3 mln) via share purchase plan at A$0.006, a 33.3% discount to last close

** Stock sees busiest day since February 18, with ~23.5 mln shares traded vs the 30-day avg of ~5.6 mln

** AZL dropped as much as 33.3% earlier in the day, marking its worst intraday pct drop since May 2020

** Stock sheds 44% YTD

($1 = A$1.5716)

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com;))