May 2, 2017 / 1:54 PM / 6 months ago

BUZZ-Sherritt International: Shares soar on debt recast deal

** Canadian miner’s shares rise as much as 22 pct to C$1.11, biggest intraday pct gain in 5 months - after co entered debt restructuring deal on Monday

** Shares were last up over 19 pct at C$1.09

** Sumitomo Corp said the co and Korea Resources Corp (Kores) will get a larger stake in the Ambatovy nickel project in Madagascar, as part of a debt restructuring deal with partner Sherritt

** Sherritt’s stake in project will be reduced to 12 pct from 40 pct in exchange for the elimination of C$1.4 bln ($1.02 bln) of debt

** More than 1.2 mln shares traded, 2.3x times their 30-day moving avg

** Up to Monday’s close, stock had fallen about 3 pct in the last 12 months ($1 = 1.3709 Canadian dollars)

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