Australia's Ora Gold jumps on investment from Westgold Resources

New Murchison Gold

30/05/2024 01:53

** Shares of Ora Gold  OAU.AX  rise as much as 50% to
A$0.006, their biggest intraday gain since June 28, 2023
    ** Stock hits its highest level since May 2
    ** Gold miner announces strategic alliance with larger peer
Westgold Resources  WGX.AX  to develop its Garden Gully Project
    ** Says co will raise A$6 million ($3.97 million) from WGX
via placement at A$0.0045 per share
    ** Placement price represents a 12.5% premium to co's last
close
    ** About 7.8 mln shares change hands, compared with the
30-day average volume of around 3.2 mln
    ** Stock down 42.9% YTD, based on last close

($1 = 1.5126 Australian dollars)
    

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))