Australia's GBM Resources soars on stake sale in gold project

Novo Resources

26/04/2023 03:13

** Shares of GBM Resources Ltd  GBZ.AX  jump as much as
17.2% to A$0.034, set for their best day since April 14
    ** Gold miner says signed agreement with Novo Resources Corp
 NVO.TO  to sell remaining 50% interest in Malmsbury gold
project, located in Victorian Goldfields
    ** Says it received cash payment relating to the sale of A$1
mln ($662,100.00), plus the issue of 4 mln Novo shares and 2 mln
options (warrants)
    ** Stock hits highest since April 17
    ** Stock down 32.6% this year as of last close



($1 = 1.5103 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))