Australia's Somerset Minerals rises on $5.25 million bid for Ecuador unit
27/07/2026 04:30
BUZZ-Australia's Somerset Minerals rises on $5.25 million bid for Ecuador unit ** Shares of Somerset Minerals SMM.AX rise as much as 25% to A$0.01, their highest level since June 19
** The gold explorer receives proposal from Canada-listed Lundin Gold LUG.TO for potential acquisition of company's Ecuadorian subsidiary, CondorGold S.A, for $5.25 million
** Somerset says should the transaction proceed, company intends to apply sale proceeds towards advancing its exploration programme in Canada
** Nearly 10 million shares trade hands, about 3.1 times the 30-day average
** YTD, Somerset stock down 30.8%, including session's moves
(Reporting by Subhalakshmi Dey in Bengaluru)
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