Australian miner Manuka up on deal to buy iron sands producer

Manuka Resources

01/08/2022 04:27

** Shares of Manuka Resources  MKR.AX  rise as much as 9.4%
to A$0.175, their biggest intraday pct gain since June 15 
    ** Gold miner says entered a binding agreement to buy New
Zealand-based iron sands producer TransTasman Resources Ltd 
 urn:newsml:reuters.com:*:nASXb1rBt2
    ** Company will acquire TTR by issuing up to 180 mln new MKR
shares
    ** Deal valued at A$28.8 mln ($20.14 mln), based on MKR's
last close of A$0.16 
    ** Stock hits highest level since July 15
    ** Stock down 49.6% this year, as of last close
      

($1 = 1.4298 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))