Australia's Greenwing jumps on potential Nio funding for Argentina project

Greenwing Resources

26/09/2022 02:27

** Shares of Greenwing Resources Ltd  GW1.AX  rise as much
as 69.4% to A$0.415, their best intraday pct gain since March
23, 2021
    ** The graphite and lithium miner says it entered a
strategic funding transaction with electric vehicle manufacturer
NIO Inc  9866.HK  to accelerate its exploration programme at San
Jorge lithium project in Argentina  urn:newsml:reuters.com:*:nASX425GK6
    ** Says Nio has agreed to pay A$12 mln ($7.82 mln) at an
issue price of A$0.55 per share 
    ** Upon completion of the placement, Nio will have
approximately 12.16% stake in co and direct rights to offtake
production in San Jorge lithium project 
    ** Greenwing shares hit highest level since May 9
    ** Shares down 43% YTD, as of last close 
     ($1 = 1.5354 Australian dollars)
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))