ASX shares of Patriot Battery Metals jump on Albemarle stake buy

PMET Resources

01/08/2023 04:57

** ASX-listed shares of Patriot Battery Metals  PMT.AX  rise
as much as 20.7% to A$1.823, marking their biggest intraday pct
gain since March 28
    ** Stock has risen to A$1.8225, highest level since July 6
    ** Canada's Patriot Battery says Albemarle Corp  ALB.N  to
buy an about 5% stake for C$109 million investment
    ** World's top lithium miner Albemarle to subscribe to about
7 mln common shares of PMT for C$15.29 per share, a 7% premium
to closing price of shares on TSX Venture Exchange on July 31
    ** Stock has more than doubled this year, as of last close

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((adwitiya.srivastava@thomsonreuters.com))