Australia's Askari Metals jumps on using investment funds for Namibia project

Highland Metals

22/03/2023 01:26

** Shares of Askari Metals Ltd  AS2.AX  rise as much as
10.0% to A$0.550, their biggest intraday pct gain since Feb.15
    ** Metals explorer says Zhejiang Huayou Cobalt Co. Ltd, via
unit Huayou International Resources Ltd has entered into a
subscription agreement with co to make a strategic investment
(SI)
    ** Adds strategic investment for A$2.5 mln ($1.67 mln) via a
subscription for 4.5 mln shares at an issue price of A$0.55 per
share
    ** Further adds funds raised from SI to be used for
exploration of tenements relating to the Uis Lithium Project in
Namibia
    ** AS2 says additional A$3.25 million also raised via the
issue of 6.5 mln shares at an issue price of A$0.50 per share
    ** Stock posts its highest since March 10
    ** Stock has risen 14.9% this year as of last close
    
  


($1 = 1.4977 Australian dollars)

 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@thomsonreuters.com))