Australia's Hawthorn Resources rises most in nearly 1 yr, finds investor for project

Hawthorn Resources

15/11/2021 04:01

** Shares of Hawthorn Resources  HAW.AX  soar as much as 40%
to A$0.077 after co says it executed agreement to sell stake in
partly-owned project 
    ** Co and Legacy Iron Ore  LCY.AX , who jointy own the Mt
Bevan iron ore project, said they executed an earn-in agreement
with Hancock Magnetite Pty Ltd  urn:newsml:reuters.com:*:nASX1wMWyk 
    ** Hancock Magnetite will make an initial investment of A$9
million ($6.61 million) to earn a 30% interest in the project,
will increase shareholding in stages 
    ** Hawthorn shares hit highest level since March 16, and set
for biggest single-day percentage rise since Dec 16, 2020
    ** Shares of Legacy Iron Ore  LCY.AX  also climb as much as
28.57% to A$0.018, their biggest indtraday percentage gain since
May 27
    ** HAW and LCY down 59.26% and 68.89% respectively so far
this year, as of last close 
    

($1 = 1.3626 Australian dollars)

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))