Why is MetalsTech (ASX:MTC) trading significantly in green today?

The share price of the stock MetalsTech Limited (ASX:MTC) climbed up to 23.5% to A$0.210, its highest in nearly a week.


The Company has announced spin out of its lithium assets in Quebec, Canada into a focused new venture.

The Company said that MTC shareholders will receive 22 million shares and also be offered a A$2 million priority participation offer in the ASX listing.

Approximately 2 million shares were traded, three time more as compared to 30-day average volume of 581,150 shares.

As of the last close, the stock has gained around 63% this year.

Meanwhile, the stock was trading 2.941% up at A$0.175 per share at 2:06 PM AEDT.


 


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