Australia's White Cliff Minerals soars on lithium project acquisition

White Cliff Minerals

01/04/2022 02:45

** Shares of White Cliff Minerals  WCN.AX  soar as much as
36% to A$0.034, their biggest intraday pct gain since Feb. 8
    ** The mineral explorer says it has entered into a binding
term sheet agreement to acquire the Abraxis Lithium project in
the Pilbara lithium province  urn:newsml:reuters.com:*:nFWN2VY1KS
    ** Says consideration is for A$40,000 ($29,936.00) cash,
A$80,000 of White Cliff shares and a 1% NSR
    ** Adds acquisition of project complementary to co's
existing lithium and rare earths elements projects in Western
Australia
    ** Shares hit highest since Feb. 17
    ** Stock has risen 56.3% this year, as of last close

($1 = 1.3362 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))