Australia's Mayur Resources rises as PNG project secures funds

Pacific Lime and Cement

23/01/2024 01:16

** Shares of Mayur Resources  MRL.AX  rise as much as 22.5%
to A$0.245, their highest level since Aug 22 
    ** The natural resources developer secures funding for its
Orokolo Bay Mineral Sands project in Gulf Province of Papua New
Guinea 
    ** Co enters into agreements with PT SEA First Nickel
Industry (PTSFNI) 
    ** Says PTSFNI to be provided with a 51% equity stake in the
project under deal 
    ** Says co has agreed for PTSFNI to become a significant
shareholder in co through an off-market placement
    ** Says placement to raise A$7.3 mln ($4.82 mln) at 22
Australian cents per share 
    ** Issue price is a 10% premium to stock's last close 
    ** Co sees biggest intraday jump since Jan 5 
    ** Stock up 2.6% YTD, as of last close 
   
   ($1 = 1.5195 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))