Write up18 Dec 2014 08:39
LONDON (Alliance News) - Evocutis PLC on Thursday saw its shares surge higher at the open after it said it has signed a deal to buy a 10% stake in Brazil Tungsten Holdings Ltd.
Brazil Tungsten owns a 25-year lease on the Bodo Tungsten Mine project in Rio Grande do Norte in Brazil.
Evocutis will invest USD1 million in new capital in Brazil Tungsten to back plans to expand the mine.
"Evocutis sees the specialty high tech metals sector as an exciting place to invest and these funds will be specifically directed at increasing tungsten production over the coming year from the Bodó Tungsten Mine in Brazil," said Evocutis Chairman David Lenigas.
Evocutis shares were up 58% on the news to 0.515 pence, the best performer in the AIM All-Share.