Australia's Aldoro Resources up on plan for gold projects sale, unit IPO

Medcann Industries

26/05/2021 05:46

** Gold and nickel explorer Aldoro Resources Ltd  ARN.AX 
rises as much as 9.2% to A$0.355
    ** Co proposes to sell its Penny South, Ryans Find and Unaly
Hill South gold projects via partial spin-out and initial public
offering of unit Aurum Resources  urn:newsml:reuters.com:*:nASN0018KW
    ** Co says Aurum will hold 100% of the three gold projects
in Western Australia and will raise up to A$5 mln ($3.90 mln) to
fund exploration programs for the projects
    ** Aldoro says it will retain ~16.7% in Aurum and proposes
to list Aurum on ASX
    ** Stock posts biggest intraday percentage gain since May 14
    ** About 517,000 shares change hands vs 30-day average
volume of about 260,000 shares
    ** ARN on track to post second consecutive session of gain;
up 97% this year, as of last close
($1 = 1.2835 Australian dollars)

 (Reporting by Aditya Munjuluru in Bengaluru)
 ((aditya.srivastsav@thomsonreuters.com))