Australia's Pinnacle Minerals at 5-1/2-month high on Canadian lithium project buy

Pinnacle Minerals

17/10/2023 02:34

** Shares of Pinnacle Minerals Ltd  PIM.AX  rise as much as
77.8% to A$0.16, their highest level since May 2
    ** The battery metals firm says it will acquire 75% interest
in the Adina East lithium project in Quebec, Canada
    ** Says will receive $500,000 offtake pre-payment from
Waratah Capital Advisors Ltd's Electrification and
Decarbonization fund for offtake rights to 25% of any minerals
extracted from project
    ** Stock posts its biggest intraday pct gain since May 2
    ** More than 6.8 million shares change hands, compared with
the 30-day average volume of 69,264
    ** Pinnacle stock down 14.3% YTD, as of last close

    

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