ASX-listed shares of Patriot Battery Metals climb on Albemarle investment

PMET Resources

01/08/2023 02:30

** ASX-listed shares of lithium miner Patriot Battery Metals
 PMT.AX  rise as much as 20.7% to A$1.823, their highest since
July 6 
    ** Patriot Battery says Albemarle  ALB.N  plans to invest
C$109 mln ($82.66 mln) in the co for a 5% stake
    ** Co says Albemarle will subscribe around 7.1 mln PMT
shares at C$15.29 per share
    ** The miner says it will use the proceeds to accelerate
development activities at Corvette lithium project in Quebec
    ** Trading volumes 2.3 times the 30-day average of 3.2 mln
shares
    ** As of last close, Patriot Battery stock doubled in value
this year

    ($1 = 1.3187 Canadian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))