Australia's Leaf Resources at over 2-month high as co signs off-take deal

Formosa Plastics

10/01/2023 24:48

** Shares of diversified chemical co Leaf Resources  LER.AX 
rise as much as 18.2% to A$0.026, their highest since Oct 31,
2022
    ** Co says it signed non-binding Letter of Intent from
Formosa Plastics Group for off-take of 300,000 tonnes per annum
of premium wood pellet  urn:newsml:reuters.com:*:nASX3NTv6G
    ** Says it will invest a total of A$5.4 mln ($3.73 mln) in
Formosa Plastics and such an investment will be facilitated via
issue of 445.5 mln shares of co  
    ** About 2.6 mln shares change hands compared with 30-day
average of 1.5 mln shares 
    ** Stock on track for best day since Dec 13 and eyes a third
straight day of gains 
    ** Stock down 74.7% this year, as of last close 
     ($1 = 1.4465 Australian dollars)
 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))