Australia's Cadoux gains most in 2 weeks on 50% stake acquisition in rare-earths producer

Cadoux

08/05/2024 02:06

** Shares of Australia's Cadoux  CCM.AX  rise as much as
7.8% to A$0.069, their biggest intraday pct gain since April 22
    ** Stock at its highest level since May 1
    ** The critical mineral explorer acquires 50% stake in
Australian rare-earths producer Minhub Operations Pty 
    ** First stage purchase of 50% of the issued shares in MOPL
follows due diligence reviews and completion of several key
conditions precedent to acquisition - Cadoux 
    ** Adds will issue 4 mln shares in consideration of stage 1
acquisition
    ** Near 30,000 shares change hands, vs 30-day average volume
of 165,470 shares
    ** Cadoux stock down 8.6% YTD, as of last close
    

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))