Australia's Platina Resources at near 2-week high on project stake sell-off

Platina Resources

24/11/2021 02:29

** Shares of Platina Resources Ltd  PGM.AX  fall as much as
4.6% to A$0.063, their lowest levels since Nov 11 
    ** The platinum-focused explorer says it will sell 30% stake
in Pilbara-based Munni Munni project to London-listed mineral
explorer Alien Metals  UFO.L   urn:newsml:reuters.com:*:nASX3qYxGH
    ** Deal for A$250,000 in cash and A$1.98 mln ($1.43 mln)
worth of Alien shares and awaits regulatory approvals in
Australia and London
    ** Platina says deal will provide it with fresh funding to
pursue gold exploration activities in Western Australia
    ** Stock on track for its best day since Nov 18
    ** Platina stock up 20% this year, as of last close

    ($1 = 1.3848 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))