Australia's Monger Gold leaps on buying lithium project, capital raise

Loyal Metals

03/05/2022 03:01

** Shares of metals explorer Monger Gold Ltd  MMG.AX  soar
as much as 114.3% to A$0.60, in their best-ever intraday session
    ** Says it will acquire American Consolidated Lithium Pty
Ltd, which holds the rights to acquire the Scotty Lithium
Project in Nevada, U.S.  urn:newsml:reuters.com:*:nASXbY8jzd 
    ** Monger Gold to pay A$2 million ($1.42 million) in its own
shares as consideration 
    ** Project also located about 330 kms from Tesla's
Gigafactory, which makes batteries for the automaker's electric
cars 
    ** Monger Gold also raising A$1.76 million from issuing
equity to fund initial work at the newly acquired lithium
project, drilling campaign to begin in Q3 
    ** Stock price also hits record high 
    ** About 3.4 mln shares have been traded, nearly 34 times
the 30-day average 
    ** Stock up by a third so far this year, as of last close 

($1 = 1.4112 Australian dollars)

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))