Australia's Lachlan Star gains on acquiring NSW copper-gold portfolio

Lachlan Star

03/08/2023 02:34

** Shares of Lachlan Star Ltd  LSA.AX  rise as much as 11.1%
to A$0.010, their highest level since July 24 
    ** The mineral explorer enters into a share sale agreement
with DevEx Resources Ltd  DEV.AX  
    ** Co to acquire extensive New South Wales copper-gold
exploration portfolio owned by DevEx, under deal 
    ** Co will issue 756.7 mln fully-paid LSA shares to DevEx at
a deemed issue price of A$0.01, as consideration for deal 
    ** Following completion of agreement, DevEx will hold 36.46%
of Lachlan Star
    ** About 3.1 mln shares change hands, compared with 30-day
average trading volume of 1.4 mln shares 
    ** Co stock down 30.8% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))