Australia's Blaze Minerals jumps on buying majority stake in Ugandan miner

Blaze Minerals

17/10/2024 05:49

** Shares of Blaze Minerals  BLZ.AX  rise 20% to A$0.006,
set to gain most since Oct. 1, if current trend holds
    ** Mineral explorer enters binding agreement with Gecko
Minerals (Gecko) to acquire its 60% stake in Gecko Minerals
Uganda for Ntungamo and Mityana Project
    ** Says it will give Gecko 625 mln co shares, of which Gecko
will distribute 520 mln to its shareholders and retain the rest
    ** Adds, as part of the deal co can buy the remaining stake
in Gecko Minerals Uganda for $0.8 mln within 2 years or
converted into a 2% net smelter royalty
    ** Over 11.6 mln shares change hands, 24x the 30-day avg
    ** Stock down 25% YTD, including current session as at 0405
GMT


($1 = 1.4961 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))