Australia's Nagambie Resources soars as Canada's Mawson buys stake

Southern Cross Gold Consolidated

30/01/2020 01:58

** Shares of Australia's Nagambie Resources Ltd  NAG.AX 
climb as much as 31.58% to A$0.0450, their biggest intraday pct
gain in over two years
    ** Nagambie says gold explorer Mawson Resources will buy 10%
stake in co  urn:newsml:reuters.com:*:nASX3lbsKC
    ** Co says Mawson will buy $50 mln of co's fully-paid
ordinary shares for 8.5 mln Mawson shares 
    ** Under the deal, Mawson will acquire Nagambie's unit
Clonbinane Goldfield, which operates gold reserves located north
of Melbourne 
    ** Stock hits highest level since Nov. 29 and is poised for
a second straight day of gains 
    ** About 622,000 shares change hands, vs 30-day average
volume of over 121,000 shares



 (Reporting by Maria Ponnezhath in Bengaluru)
 ((Maria.Ponnezhath@thomsonreuters.com; +91 8061822749;))