Metals Australia surges on buying stake in Payne Gully

Metals Australia

16/06/2022 03:40

** Shares of Metals Australia Ltd  MLS.AX  surge as much as
18.8% to A$0.057, post their biggest intraday pct gain in almost
a month
    ** Mineral explorer says it will buy 80% of Payne Gully
Gold, which contains a portfolio of battery metals and gold
projects in Western Australia and Northern Territory
 urn:newsml:reuters.com:*:nFWN2Y20V8
    ** Says agreement includes issue of 40 mln MLS shares upon
signing deal, an issue of additional 84 mln MLS shares and cash
payment of A$300,000 ($210,450.00)    
    ** Shares hit highest since June 10 
    ** Stock up 20% this year, as of last close

($1 = 1.4255 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))