Australia's Critical Resources soars on completion of lithium project acquisition

ILC Critical Minerals

05/01/2022 02:34

** Shares of Critical Resources Ltd  CRR.AX  soar as much as
29.3% to A$0.053, heading for their best session since Oct. 25,
2021
    ** Co says acquisition of Mavis Lake lithium project in
Ontario, Canada from Essential Metals Ltd  ESS.AX  and
International Lithium Corp  ILC.V  is complete  urn:newsml:reuters.com:*:nASX2FJj0K 
    ** Co is paying about A$3 mln ($2.17 mln) in cash and stock
for the project, apart from milestone payments 
    ** Co has received approvals to begin exploration efforts
targeting battery-grade lithium 
    ** CRR stock hits its highest level since Nov. 11, 2021
    ** About 22.2 mln CRR shares change hands, compared with the
30-day average of about 3.2 mln shares 
    ** CRR stock added 72.7% in 2021 

($1 = 1.3829 Australian dollars)

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