Dec 16 (Reuters) - Zip Co Ltd Z1P.AX :
* ANNOUNCES A$120 MILLION UNDERWRITTEN INSTITUTIONAL PLACEMENT
* PLACEMENT TO RAISE 22.5 MILLION SHARES AT A$5.34 PER SHARE
* CAPITAL RAISED WILL BE USED TO DRIVE GROWTH IN CORE MARKETS & EXPANSION INTO NEW REGIONS
* SEEKING TO RAISE UP TO A$30 MILLION IN A NON-UNDERWRITTEN SHARE PURCHASE PLAN