Australia's Kogi Iron jumps to 5-month high on Chile lithium project buy

Macro Metals

30/11/2022 02:44

** Shares of Kogi Iron  KFE.AX  rise as much as 40% to
A$0.007, their highest level since June 22
    ** Says it entered an agreement to acquire the Salar Verde
Lithium brine-clay project in Chile
    ** As consideration for the exclusive option agreement, KFE
will issue 25 mln shares to the vendors at A$0.004 each; should
KFE exercise the option and buy the project, it will issue 500
mln shares to the vendors at A$0.004 each 
    ** KFE is also raising A$1.5 million via a share placement
at A$0.005 each, equal to its last closing price before the
stock went on a trading halt 
    ** Stock logs best intraday gain since Oct. 6
    ** Trading volumes near 6 times the 30-day average, with
about 11.5 mln shares traded so far
    ** Stock down 58.3% YTD, as of last close 
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))