Australia's Gateway Mining rises on $9 mln sale of gold rights

Brightstar Resources

01/08/2024 01:54

** Shares of Gateway Mining  GML.AX  rise as much as 34.8%
to A$0.031, their highest since June 13
    ** Stock posts its biggest intraday pct gain since June 5
    ** Mineral explorer says it will sell gold rights for
Eastern Montague project in Western Australia to Brightstar
Resources  BTR.AX  for A$14 mln ($9.16 mln)
    ** Says co will receive A$5 mln in cash, A$7 mln in
Brightstar shares and A$2 mln in deferred BTR shares
    ** Brightstar shares on trading halt on Thursday 
    ** About 1.9 mln GML shares change hands, compared with the
30-day average volume of 423,808
    ** GML stock down 8% this year, as of last close

($1 = 1.5281 Australian dollars)

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