Stocks of the Hour: QX Resources, Chimeric Therapeutics, Peako, IVE Group

Company News

by Abbey Phillipps

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QX Resources (ASX:QXR) has commenced drilling at the Liberty Lithium Brine Project in California, USA. QXR Managing Director, Stephen Promnitz, said, “this is potentially a new large-scale lithium brine project - in the heartland of a rapidly growing battery supply chain in the USA. Participants in the USA are aggressively seeking to secure domestic battery minerals supply to balance potential supply side risks to the energy transition.” Shares are trading 4.55 per cent higher at 2.3 cents.

Chimeric Therapeutics (ASX:CHM) has announced a non-renounceable entitlement offer to raise up to approximately $10 million (before direct offer costs). The offer price is $0.028 per new share, a 31.7% discount to the closing price of Chimeric shares on 24 October 2023.Shares are trading 26.83 per cent lower at 3 cents.

Peako (ASX:PKO) announced that their RC drilling increases the strike length of higher-grade mineralisation at the Brumby Prospect from 180m to 680m. Commenting on the results, Peako Executive Director Rae Clark stated, “Importantly the shallow plunging PGE mineralisation remains open down plunge to the south-west.” Shares are trading 33.33 per cent higher at 0.8 cents.

IVE Group (ASX:IGL) announces entry into the fibre based packaging sector with the strategic acquisition of JacPak, for a total purchase consideration of $35 million. Commenting on the acquisition of JacPak, IVE Group CEO Matt Aitken said, “Over the last two years we have communicated our strategic intention to enter the short to medium run folding cartons segment of the Australian packaging sector.” Shares are trading 1.71 per cent higher at $1.785.

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