Australia's Alto Metals soars on takeover by Brightstar Resources

Brightstar Resources

02/08/2024 03:15

** Shares of Alto Metals  AME.AX  rise as much as 87.9% to
A$0.062, posting their biggest intraday percentage gain since
July 27, 2020
    ** Stock hits its highest level since July 17, 2023
    ** Gold explorer announces buyout by larger peer Brightstar
Resources  BTR.AX  
    ** Deal values AME at A$44.4 mln ($28.87 mln), or 6 AU
cents/shr
    ** BTR shares jump as much as 13.3%, set for best day since
June 20 if current gains hold
    ** About 27.2 mln AME shares change hands, compared with the
30-day average volume of around 450,000
    ** AME up 32.6% YTD, including session's move

($1 = 1.5380 Australian dollars)

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