Australia's Red 5 jumps on $89 mln share sale

Vault Minerals

08/08/2024 03:42

** Shares of gold miner Red 5  RED.AX  rise 4.48% to A$0.35
    ** Co says it sold 411.7 mln of its shares to simplify
capital structure at A$0.335 per share
    ** Sale is of shares in which it acquired an interest
following merger with Silver Lake Resources in June
    ** Sale generates proceeds of A$136.8 mln ($89.34 mln) - co
    ** Adds that share sale delivers on the "commercial logic"
of the merger
    ** Co did not provide specific details
    ** RED up 8.1% YTD as of last close

($1 = 1.5312 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))