Stocks of the Hour: Imdex, Patriot Battery Metals, Minbos Resources, BluGlass

Imdex (ASX:IMD) entered into a binding agreement to acquire Devico AS for an implied enterprise value of A$324 million. Commenting on the news, IMDEX Chief Executive Officer, Paul House, said, “We see significant value in combining our complementary product portfolios, market-leading R&D capabilities and global presence.” Shares last traded at $2.47 after being placed in the trading halt yesterday.

Patriot Battery Metals (ASX:PMT) has recorded its highest grade lithium drill intercept to date. In response, Darren Smith, Vice President of Exploration of the Company, comments, “As we move east, we are defining a significant high-grade zone at a coarse drill spacing of 50 to 100 m. The recently commenced winter drill program will continue to probe and delineate this area ahead of an initial mineral resource estimate planned for the first half of 2023.” Shares are trading 20 per cent higher at $1.05.

Minbos Resources (ASX:MNB) announced that the last of the FEECO manufactured fertiliser plant has now left the US and is enroute to Angola, with activities ramping up in anticipation of first production H2 2023. Initial construction activities at the Cácata phosphate deposit are on target and within budget. Shares are trading 18.2 per cent at 13 cents.

BluGlass’ (ASX:BLG) Fremont laser diodes are now achieving or exceeding contract manufacturer performance benchmarks. In response, President Jim Haden said, “This technical milestone demonstrates the importance of operational control in accelerating development turns.” Shares are trading 9.1 per cent at 3.6 cents.
 
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Source: Finance News Network