Australia's Red Mountain gains on acquiring lithium projects in U.S.

Red Mountain Mining

07/12/2022 02:18

** Shares of Red Mountain Mining Ltd  RMX.AX  jump as much
as 20% to A$0.006, highest since Nov. 23
    ** The gold explorer says it has entered into a purchase
agreement to acquire Lithic Lithium Project and Mustang Lithium
Project in Nevada, U.S.
    ** Says it has received firm commitments to raise A$1.8 mln
($1.21 mln) before costs to fund exploration at the lithium
projects
    ** Issue price of A$0.004 is at a 20% discount to last close
on Dec. 2
    ** Biggest intraday pct gain since Nov. 23
    ** Volumes are 3.6x the 50-day average of 2.9 mln shares
    ** Stock has fallen 44.4% this year, as of last close
($1 = 1.4910 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))