Australia's Cazaly Resources rises on deal to acquire Canadian project

Cazaly Resources

27/04/2023 03:27

** Shares of Cazaly Resources  CAZ.AX  rise as much as 7.1%
to A$0.03, their highest since March 1
    ** Co secures agreement to acquire Carb Lake rare-earths
elements project in Ontario, Canada
    ** Under deal, CAZ has agreed to pay C$85,000 ($62,325.85)
in cash to the vendors, subject to satisfactory due diligence
    ** "The carbonatite complex is of significant scale,
situated below shallow cover and to date has flown under the
radar and remains largely untested," says CAZ
    ** More than 1.3 mln shares change hands, compared with the
30-day average of about 275,000 shares 
    ** Stock down ~17.7% this year, as of last close 
    
     ($1 = 1.3638 Canadian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))