Melodiol Global Health gains most in over 7 weeks on Canada asset sale

Melodiol Global Health

23/07/2024 01:58

** Shares of Australia's Melodiol Global Health  ME1.AX 
rises as much as 83.3% to A$0.006, their biggest intraday gain
since May 31
    ** Stock at its highest level since July 3
    ** Cannabis co says signed a non-binding letter of intent
(LOI) with Canadian-based Nacerna Life Sciences 
    ** Under LOI, co to sell its Mernova production facility and
land in Nova Scotia, Canada for A$12 mln ($7.96 mln) 
    ** Proposed cash asset sale to strengthen balance sheet -
ME1
    ** 39.3 mln shares change hands as of 0049 GMT, vs 30-day
average volume of 10.2 mln shares
    ** Stock down 99.8% YTD as of last close


($1 = 1.5067 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))