Australia's Vital Metals falls on termination of acquisition agreement

Quebec Precious Metals

10/10/2022 02:29

** Shares of Australia's Vital Metals Ltd  VML.AX  fall as
much as 6.1% to A$0.0310 - lowest since Oct. 3 
    ** Rare earths producer says it will not proceed with the
acquisition of Quebec Precious Metals'  QPM.V  68% interest in
the Kipawa exploration project and 100% interest in the Zeus
exploration project in Quebec, Canada  urn:newsml:reuters.com:*:nASX73n62h
    ** Co says management not satisfied with the results of its
"due diligence" on projects, particularly that of Kipawa project
    ** Co had announced acquisitions of the projects from Quebec
on Aug. 11, 2021 for a consideration of C$8 mln ($5.82
mln) urn:newsml:reuters.com:*:nASX3t6tM7 
    ** About 5.5 mln shares change hands, compared with the
30-day average of 12.0 mln shares
    ** Stock to mark worst session since Oct. 3 if losses hold 
    ** VML stock down 38.9% YTD, as of last close 
($1 = 1.3734 Canadian dollars)
 (Reporting by Nausheen Thusoo)
 ((Nausheen.Thusoo@thomsonreuters.com;))