Australia's Metallica Minerals hits 1-month high on takeover offer

Diatreme Resources

16/02/2024 04:10

** Shares of Metallica Minerals  MLM.AX  rise as much as
12.5% to A$0.027, their highest since Jan 11 
    ** Stock posts its biggest intraday pct gain since Feb 2
    ** The silica sands miner receives conditional takeover
offer from mineral and silica sand producer Diatreme Resources
 DRX.AX  
    ** Diatreme says Metallica shareholders will receive 1.3319
fully paid ordinary shares in Diatreme for every MLM share
    ** Offer at a premium of 22.1% to Metallica's last closing
price, compared with DRX stock's last close
    ** About 851,407 MLM shares change hands, compared with the
30-day average volume of 364,416    
    ** Stock of Metallica has fallen 17.2% this year, as of last
close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))