Australia's AIC Mines and Demetallica surge on agreeing to combine as one

AIC Mines

07/11/2022 01:25

** Shares of copper miner AIC Mines Ltd  A1M.AX  climb as much
as 5.8% to A$0.455
    ** Co says it has executed a deed to implement its
off-market takeover offer for mineral exploration co Demetallica
 DRM.AX  to improve its offer consideration to 1 A1M share for
every 1.3 DRM shares held  urn:newsml:reuters.com:*:nFWN320A39
    ** Also announces combination of A1M's Eloise mine and
processing facility with Demetallica’s Jericho copper deposit
located only 4 kilometers from each other
    ** Shares of DRM jump as much 13.6% to A$0.335, on track for
their biggest pct gain since Oct. 5
    ** More than 1.3 mln DRM shares change hands as compared
with the 30-day average volume of ~390,608 shares  
    ** AIC Mines down 18.1% this year as of last close, vs a
7.4% decrease in the benchmark S&P/ASX 200 index  .AXJO  
 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))