Australia's TechGen Metals leaps on gold project buy

Techgen Metals

16/05/2022 05:22

** Shares of TechGen Metals  TG1.AX  soar as much as 15.4%
to A$0.15 on acquiring a gold project 
    ** Says it executed a binding term sheet with a unit of
Zenith Minerals  ZNC.AX  and two individuals to buy the
Jackadgery gold project in New South Wales, Australia
 urn:newsml:reuters.com:*:nASX6NVPds 
    ** Deal for upfront consideration of A$133,250 worth of
shares in TechGen at an issue price of A$0.20 per share, and
deferred consideration of up to A$2.5 million ($1.72 million)
    ** Trading volumes are over twice the 30-day average, with
381,000 shares traded so far
    ** Stock down 7.1% YTD, as of last close 

($1 = 1.4524 Australian dollars)

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))