Australia's Hammer Metals hits more than 6-month high on merger talks

Carnaby Resources

14/02/2024 24:34

** Shares of Hammer Metals  HMX.AX  jump as much as 31.3% to
A$0.063, hitting their highest level since Aug 9, 2023 
    ** Diversified miner says it is in confidential discussions
regarding a potential merger with Carnaby Resources  CNB.AX  
    ** Says discussions remain incomplete and are at a
relatively early stage 
    ** Adds there is no certainty that a transaction will
eventuate 
    ** About 3.3 mln shares change hands vs the 30-day average
of 582,193 shares 
    ** HMX down 7.7% YTD, as of last close
    ** CNB shares fall as much as 5% to A$0.570, posting their
biggest intraday pct drop since Feb 13, 2023

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))