Australia's Lotus Resources gains on A-Cap Energy deal

A-Cap Energy

13/07/2023 06:40

** Shares of Lotus Resources  LOT.AX  up 8.3% at A$0.195,
set for best day since June 13, if gain holds
    ** Uranium developer says co and A-Cap Energy  ACB.AX  have
agreed to merge via scheme of arrangement, under which Lotus
will acquire A-Cap
    ** Co says merger will create African-focused uranium player
with significant scale and resources by combining Kayelekera
Uranium Project in Malawi and Letlhakane Uranium Project in
Botswana 
    ** Adds, each A-Cap shareholder will receive 1 new Lotus
Share for every 3.54 fully paid ordinary A-Cap shares
    ** Stock at its highest level since June 14
    ** Stock down 12.2% YTD, as of last close
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))