Australia's Cyclone Metals hits over 10-month high on MOU for Canadian Project

Iron Bear Resources

15/11/2024 24:38

** Shares of Cyclone Metals  CLE.AX  rise as much as 84.2% to A$0.035, their highest since
Jan. 4
    ** Miner signs memorandum of understanding with Vale S.A. regarding development of Iron Bear
iron ore project in Canada
    ** Says under the MOU, Vale will contribute up to $18 mln to fund Iron Bear development
activities
    ** Over 14.8 mln shares change hands, 9.6x the 30-day avg
    ** Stock down 50% YTD, including current session, as of 0011 GMT

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com))