Australia's Medallion Metals soars on announcing fund raise to buy assets

Medallion Metals

03/02/2025 03:00

** Medallion Metals  MM8.AX  soars 19.1% to A$0.125; set for
biggest intraday pct gain since Jan. 7
    ** Mineral exploration co says it will raise A$6.5 mln (~$4
mln) through single-tranche placement at issue price of 10
Australian cents, 4.8% discount to close on Jan. 30
    ** Adds placement will help co advance the acquisition of
Forrestania Nickel Operation's assets
    ** MM8 was on trading halt on Jan. 31 due to capital raising
    ** Mining investment co Lion Selection Group  LSX.AX  to
invest A$1 mln in MM8 as part of said placement
    ** Around 560,070 MM8 shares traded, 1.6x the 30-day avg
    ** Stock gains 4.2% YTD

($1 = A$1.6383)

 (Reporting by Manasi Dasa Sundeep in Bengaluru)
 ((Manasi.DasaSundeep@thomsonreuters.com;))