Stocks of the Hour: LBT Innovations, Essential Metals, Sabre Resources

Company News

by Abbey Phillipps

LBT Innovations (ASX:LBT) has been engaged by AstraZeneca to undertake a full product development project for LBT's new APAS Pharma analysis module, which will be used on the APAS® Independence instrument. The partnership includes funding of $1 million for LBT's development project, based on achieving technical milestones. LBT CEO and Managing Director Mr Brent Barnes said: “This partnership is really exciting for the Company. AstraZeneca leads this field and is looking to innovate its processes and set the standard for others to follow. Our APAS® technology is ideally suited for the application of microbial quality control, able to improve consistency of results and drive standardisation across manufacturing sites.” Shares are 20 per cent higher at 7 cents.

Tianqi Lithium Energy Australia proposes to acquire 100 per cent of Essential Metals (ASX:ESS) by way of a Scheme of Arrangement, equating to a proposal of $0.50 in cash per share. Commenting on the proposed acquisition, Tim Spencer, Managing Director of Essential said; “We believe this transaction is a great outcome for Essential shareholders and for other stakeholders.” Shares are 39 per cent higher at 48 cents.

Sabre Resources (ASX:SBR) announced that the latest drilling intersections and new EM results demonstrate massive sulphide potential. In response, Sabre Resources CEO, Jon Dugdale, commented, “Significantly, the new EM anomaly is the strongest detected from surface to date. This indicates strong potential for additional massive sulphide discoveries in this new target zone.” Shares are 19 per cent higher at 5 cents. 

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