Tuesday November 24, 05:05 PM
EMC Metals shares surge on acquisition of Technology Store
Nov 24 (Reuters) - Shares of EMC Metals Corp surged as much as 31 percent after the Canadian specialty metals company said Tuesday it will acquire Technology Store Inc to boost its portfolio.
EMC Metals (EMC.TO - news) said it will issue 19.0 million common shares, pay $500,000 in cash and issue a promissory note worth $500,000 with a principal maturity of two years.
Technology Store specializes in the development of specialty metals extractive technologies, with emphasis on improving recoveries in the extraction of tungsten, boron, lithium, scandium, titanium, and nickel.
The acquisition will provide EMC (NYSE: EMC - news) with access to certain assets used in connection with mining activity, as well as exclusive access to the extraction technologies, the company said in a statement.
Shares of Vancouver-based EMC Metals were up 2 Canadian cents at 10 Canadian cents in mid-day trade. They touched a high of 10.5 Canadian cents earlier in the day.
(Reporting by R. Manikandan in Bangalore; Editing by Maju Samuel) Keywords: EMCMETALS/SHARES
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