Australia's GTI Resources rises on spinoff of gold assets

American Uranium

03/02/2022 02:42

** Shares of Australian mineral explorer GTI Resources Ltd
 GTR.AX  rise on plans to spinoff its gold assets to focus on
its "highly prospective" uranium assets in the U.S. 
    ** Says it has executed a binding tenement sale & purchase
agreement for the sale of its Niagara Gold Project in Western
Australia to Regener8 Resources NL  urn:newsml:reuters.com:*:nASX8F1RfB 
    ** Regener8 Resources will undertake an IPO process to raise
between A$4.5 mln and A$5.5 mln ($3.20 mln and $3.92 mln) to
facilitate ASX listing, fund exploration at the project 
    ** Regener8 IPO includes a A$2 mln priority offer to GTI
shareholders as GTI will maintain exposure through the project
via a stake in Regener8 
    ** Stock down 16.7% YTD as of last close 
    



($1 = 1.4047 Australian dollars)

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))