Australia's Power Minerals hits 2-month high on funding agreement

Power Minerals

17/05/2024 03:38

** Shares of Power Minerals  PNN.AX  rise as much as 33.3%
to A$0.180, hitting their highest level since March 20
    ** Stock currently up 25.9%, on track for best day since May
13, if gains hold
    ** Diversified miner entered into a binding term sheet and
convertible loan agreement for strategic funding and development
of its offshore project in Argentina
    ** Co says under agreement, PNN will receive initial
strategic funding of US$5 mln
    ** Around 1.7 mln shares change hands, compared with the
30-day average volume of 208,908 shares
    ** Stock has fallen 35.7% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))