Australia's American Rare Earths jumps, gets buyout bid for Wyoming project

American Rare Earths

26/04/2024 06:16

** Shares of American Rare Earths  ARR.AX  rise as much as
47.3% to A$0.405, posting their biggest intraday percentage gain
since Feb. 12
    ** Stock hits its highest level since Feb. 20
    ** Rare earths explorer says it received a non-binding
proposal from U.S.-based special purpose acquisition co (SPAC)
Papaya Growth Opportunity Corp I  PPYA.O  for its Halleck Creek
Rare Earth Project in Wyoming 
    ** Adds share consideration under proposal of $400 mln
    ** Says proposal would have resulted in project being listed
 as a separate entity on the NASDAQ Exchange
    ** ARR says it has declined to advance with the proposal at
this time
    ** About 2.6 mln shares change hands, compared with the
30-day average volume of around 1.4 mln
    ** Stock up 66.7% YTD, as of last close



 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))