Australia's Element 25 rises after Stellantis completes first equity investment

Element 25

11/07/2023 02:19

** Shares of mineral explorer Element 25 Ltd  E25.AX  rise
as much as 17.9% to A$0.660 - their highest June 27
    ** Co says automaker Stellantis has completed first equity
investment of $15 mln in co after conditions of offtake deal
between the parties were satisfied
    ** Under the equity investment, co issued 22.6 mln shares to
Stellantis at A$1.00 per share
    ** Says it will use proceeds from the investment for
development of a battery-grade high purity manganese sulphate
monohydrate facility in US
    ** As of last close, stock down 36.4% YTD

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))