Australia's Jadar Resources jumps as co secures new exploration licences in Serbia

Balkan and Sea Properties ADSITS

23/03/2021 24:03

** Shares of Jadar Resources  JDR.AX  jump as much as 11.8%
to A$0.038, their biggest intraday percentage gain since Feb 23
    ** The lithium explorer says it secured four new exploration
licences in Serbia covering an area of 261 square kilometers
    ** Says new licences are located within Vardar Zone, an
emerging Tier 1 lithium borate Jurisdiction
    ** Also announces Jadar to spin out Serbian lithium and
borate assets into newly incorporate Balkan focused unit, Balkan
Mining and Minerals, which intends to undertake an Initial
Public Offering (IPO) to facilitate admission to ASX
    ** Says Balkan will undertake a A$6.5 mln ($5.03 mln)
capital raising (IPO)
    ** Stock hits its highest since March 15
    ** Stock up 36% this year, as of last close
     
    ($1 = 1.2920 Australian dollars)

 (Reporting by Vasudha Kaukuntla in Bengaluru)
 ((Vasudha.Kaukuntla@thomsonreuters.com))