Australia's Morella climbs after signing agreement for option to buy lithium project stake

Morella

17/05/2022 04:16

** Shares of Morella Corp  1MC.AX  jump as much as 11.5% to
A$0.029, post their best intraday pct gain since April 22 
    ** Co says executed a letter of intent (LoI) to enter an
earn-in option agreement for a 60% interest in the North Big
Smoky lithium project owned by Lithium Corp in Nevada
 urn:newsml:reuters.com:*:nASX8cR3sj 
    ** Morella to pay $65,000 upon singing the LoI, and then
earn in 60% interest over four years, subject to yearly
milestone payments totalling $1 mln 
    ** Stock hits highest level since May 9 
    ** 1MC stock up 44.4% YTD, as of last close 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))