Australia's Larvotto Resources hits over three-mnth high on signing royalty deal

Larvotto Resources

11/10/2022 04:14

** Shares of Larvotto Resources  LRV.AX  soars as much as
41.5% to A$0.29, hits highest level since June 28
    ** Exploration co says signed a Royalty, Equity, and Offtake
agreement with Canada-based Lithium Royalty Corp (LRC) and
others 
    ** Adds signed agreement part of A$3.4 mln ($2.13 mln),
3-tier deal which includes a A$2 mln equity investment and free
attaching options
    ** Under deal, LRC to receive a 1% gross revenue royalty
relating to any lithium and any other pegmatite-related minerals
extracted, mined, and sold by or on behalf of Larvotto from the
Eyre Project in WA 
    ** Stock marks best session since Apr. 22
    ** More than 311,000 shares change hands, compared with the
30-day average volume of about 157,000 shares
    ** Stock has risen 64% this year, as of last close
($1 = 1.5962 Australian dollars)
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))