Australia's Cyclone Metals surges on acquisition of Canadian iron ore project

Iron Bear Resources

04/01/2023 01:10

** Shares of Cyclone Metals Ltd  CLE.AX  rise as much as
66.7% to A$0.003, their highest since Nov. 7 
    ** Mineral explorer says it has finished the acquisition of
Labrador Iron Pty Ltd, the owner of the Block 103 Magnetite Iron
Ore Project in Quebec, Canada
    ** Adds that will issue the shareholders of Labrador a total
of 2.16 bln CLE shares at the deemed price of A$0.0025 per
share, implying deal value of A$5.4 million ($3.64 million)
    ** Further adds it proposes to undertake a capital raising 
of A$1 mln at issue price of A$0.0025 per share, a premium of
66.7% to last close on Jan. 3
    ** More than 84.8 mln shares change hands, vs the 30-day
average volume of 5.9 mln shares
    ** Stock of CLE was down 33.3% in 2022
($1 = 1.4821 Australian dollars)
 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))