Australia's Hexagon Energy jumps on U.S. graphite project stake sale

NH3 Clean Energy

04/11/2021 04:54

** Gold and graphite explorer's shares  HXG.AX  climb as
much as 7.5% to A$0.11, highest since May 11
    ** Company agrees to terms of proposed earn-in with Canadian
battery metals developer South Star Battery Metals Corp  STS.V ;
South Star to buy 75% interest and develop Ceylon graphite
project in Alabama, U.S.  urn:newsml:reuters.com:*:nFWN2RU29D
    ** South Star to fund annual minimum expenditure of
C$250,000 ($201,677.96) during earn-in period to buy the stake
    ** Within six months of Ceylon project achieving commercial
production, STS shall make payment of CAD$250,000 in South Star
shares
    ** More than 2.3 mln shares change hands, about 2x 30-day
moving average
    ** As of last close, Hexagon shares up 81.8% so far this
year

 ($1 = 1.2396 Canadian dollars)

 (Reporting by Roushni Nair in Bengluru)
 ((Roushni.Nair@thomsonreuters.com))