Australia's Kingston Resources gains on sale of its Livingstone gold project

Metal Bank

10/12/2021 02:55

** Shares of Kingston Resources  KSN.AX  rise as much as
7.8% to A$0.173, their biggest intraday pct gain since Nov 10
    ** The gold miner completes sale https://www.asx.com.au/asxpdf/20211210/pdf/4540scxyb0lbl8.pdf
 of its 75% stake in Livingstone gold project in Western
Australia to Metal Bank Ltd  MBK.AX  
    ** As per the deal, Kingston will be paid A$2.5 mln ($1.79
mln) in cash and A$1 mln in Metal Bank shares with attaching
options
    ** Co to also receive further milestone payments, taking the
total deal value to A$10 mln 
    ** Kingston to use sale proceeds for its ongoing work at
Misima gold project in Papua New Guinea
    ** Stock down 38.5% this year, as of last close
    
  
     ($1 = 1.3980 Australian dollars)

 (Reporting by Dhriti Garg in Bengaluru)
 ((dhriti.garg@thomsonreuters.com))