Australia's Kogi Iron hits 5-mth high on proposed acquisition

Macro Metals

23/09/2021 04:28

** Miner Kogi Iron  KFE.AX  rises as much as 37.5% to
A$0.02, its highest since April 23 and on track for its best day
since Dec. 16, 2020
    ** Co signs a binding term sheet to acquire Macro Metals
Ltd, an unlisted Australian co  urn:newsml:reuters.com:*:nFWN2QO13Y
    ** Macro Metals beneficially owns 100% of iron ore tenements
located within 3 producing iron ore jurisdictions in WA
    ** Co says deal for 10 mln KFE shares at 1.3 Australian
cents per share, and 384.6 mln KFE shares at the same price upon
 deal completion
    ** More than 12 mln shares trade hands, 11x the 30-day avg
    ** Up to last close, stock down 38.5% YTD

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))