Australia's Southern Gold soars on battery tech co buyout

Iondrive

29/05/2023 02:26

** Shares of Southern Gold Ltd  SAU.AX  jump as much as
21.7% to A$0.028, posting their biggest intraday pct gain since
Aug 8, 2022
    ** The gold explorer announces proposed acquisition of
battery technology company Iondrive Technologies Pty Ltd (IDT)
    ** Acquisition for a consideration of A$1.2 mln 
($813,960.00) payable through the issue of co's fully paid
ordinary shares
    ** Co also proposes a concurrent A$2.5 mln placement
    ** Issue price of A$0.02 per share is at a 13% discount to
last close on May 24
    ** Says funds raised to be used to fund IDT's operations and
fund further exploration activities on co' existing projects in
South Korea
    ** Shares hit their highest level since Jan 30
    ** About 18.7 mln shares exchange hands vs the 30-day
average of 273,662 shares
    ** SAU stock down 8% YTD, as of last close 
   

    
     ($1 = 1.4743 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))