Australia's Comet Resources falls most in 5-weeks on sale of graphite project

Comet Resources

27/10/2021 05:42

** Shares of Comet Resources  CRL.AX  fall as much as 7.4 %
to A$0.025 - heads for worst day since Sept. 22
    ** Base metals explorer to sell Springdale Graphite Project
in Western Australia to graphite anode maker International
Graphite in deal that values Springdale at A$8 mln ($5.97 mln)
 urn:newsml:reuters.com:*:nGLFbKN63c
    ** Comet to receive 40 mln shares in International Graphite
in exchange of Springdale project
    ** Adds International Graphite will seek listing on ASX
    ** About 10.6 mln shares change hands vs. 30-day avg volume
of 10.3 mln
    ** Stock has risen 35 % this year, as of last close

($1 = 1.3398 Australian dollars)

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))