Australia's GBM Resources falls on selling stake in Victorian project

Novo Resources

10/03/2023 04:28

** Shares of GBM Resources Ltd  GBZ.AX  fall as much as 8.6%
to A$0.032, post biggest intraday pct fall since Feb. 24
    ** Mineral explorer says it sells its remaining 50% stake in
its Malmsbury Gold Project through a Sale and Purchase Agreement
with Novo Resources Corp  NVO.TO 
    ** Adds sale includes cash consideration of A$1 mln
($658,200.00), plus issue of ~4 mln Novo shares and 
~2 mln options (warrants) to GBM
    ** Stock posts its lowest level since March 2
    ** More than 1.5 mln shares change hands, vs the 30-day
average volume of 345,000 shares
    ** Stock has fallen 18.6% this year as of last close,
extending a 62.6% fall in 2022
    
    ($1 = 1.5193 Australian dollars)

 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))