May 23, 2018 / 5:06 AM / 7 months ago

BUZZ-Australian nickel-cobalt explorer Highlands Pacific jumps on fundraising deal

** Shares of nickel-cobalt explorer Highlands Pacific Ltd surge as much as 55.9 pct to A$0.145, highest since May 26, 2015

** Company says a unit of Canada-based Cobalt 27 Capital Corp will pay Highlands an upfront deposit of $113 mln to secure 55 pct of cobalt production and 27.5 pct of nickel production of Highland’s share from the Ramu Nickel Cobalt mine in Papua New Guinea

** Highlands to fully repay Ramu project debt which will increase its interest in Ramu to 11.3 pct

** Highlands to issue 142.5 mln shares to Cobalt 27 through a private placement at a price of 10.5 Australian cents per share, to raise about A$15 mln ($11.3 mln)

** Highlands stock posts biggest intraday pct gain since October 2007

** About 13.2 mln shares change hands, compared with the 30-day average of 835,551 shares ($1 = 1.3254 Australian dollars) (aditya.srivastsav.thomsonreuters.com@reuters.net)

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