Australia's Southern Gold rises on deal to sell stake in two JVs

Iondrive

29/06/2021 03:28

** Shares of gold explorer Southern Gold  SAU.AX  rise as
much as 8.6% to A$0.076, their biggest intraday percentage gain
since April 29 
    ** Co says it executed a definitive agreement with
LSE-listed Bluebird Merchant Ventures  BMV.L  for the sale of
Gubong and Kochang joint venture interests in South Korea
 urn:newsml:reuters.com:*:nASXbFTrkf
    ** The Gubong and Kochang JVs are jointly owned by co's
Singapore-based unit International Gold Pty Ltd and BMV, each
holding a 50% stake 
    ** Co says it agreed to a share swap deal to exchange its
unit's 50% stake in the two joint ventures for a 30% interest in
BMV at a current deal value of A$13.2 mln ($9.97 mln)
    ** Stock hits highest since June 15 
    ** Stock down 44% this year, as of last close 


($1 = 1.3238 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))