Australia's Coppermoly jumps after selling projects in Papua New Guinea

Coppermoly

13/12/2022 01:05

** Shares of Australia's Coppermoly Ltd  COY.AX  rise as
much as 22.2% to A$0.011 - marking best day since Nov. 28, if
gains hold
    ** Mineral exploration co announces entering into a legally
binding share purchase deed (SPA) with Ever Leap Services 
    ** Says SPA for sale of all of shares in its unit, Copper
Quest PNG, which owns exploration licenses for projects in
Independent State of Papua New Guinea
    ** Adds deal comprises of buy-back and cancellation by COY
of about 1.96 Bln shares in co held by leap services and cash
payment of A$500,000($337,600.00)
    ** Stock hits highest since Nov.28 
    ** Stock has fallen 18.2% this year as of last close
($1 = 1.4810 Australian dollars)
 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))