Australia's Latrobe Magnesium hits over 3-wk high on Victoria site buy

Latrobe Magnesium

13/12/2021 03:36

** Shares of Latrobe Magnesium  LMG.AX  climb as much as
9.5% to A$0.115, hitting their highest since Nov. 19
    ** Magnesium producer buys a steel fabrication plant for a
fixed price of A$4.5 mln ($3.23 mln) in Victoria  urn:newsml:reuters.com:*:nFWN2SW03N
    ** LMG had announced in April that it had exercised its
option to lease the property for a period of three years, with
the option to acquire the property at a fixed price
    ** Stock posts its fifth straight session in the black
    ** Co says it wil pay a consideration of A$2.25 mln in cash
with the remainder to be issued as 22.5 mln shares at 10 Au
cents each 
    ** Says purchase of site allows co to plan future
expansions, obtain appropriate business insurance and save rent
through construction phase 
    ** Stock has more than quadrupled in value this year as of
last close 
    



($1 = 1.3953 Australian dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))