Stocks of the Hour: Lake Resources N.L, Genex Power, St Barbara

Lake Resources N.L. (ASX:LKE; OTC:LLKKF) announces that it is reducing its employee base and administrative expenses after completing the Kachi Phase One Definitive Feasibility Study, aiming to extend its financial runway and enhance its strategic partner selection process. This involves cutting approximately 50% of its global headcount and streamlining other expenditures, expecting a further 30% reduction in expenses by June 30, 2024, compared to March 31, 2024. Shares are trading 3.7 per cent lower at 13 cents.

Genex Power Limited (ASX:GNX) has received a non-binding proposal from Electric Power Development Co to acquire all outstanding Genex Shares at A$0.275 per share via a members' scheme of arrangement. This represents a 65% premium to the 6-month VWAP of Genex Shares. Shares are trading 32.43 per cent higher at 24.5 cents.

St Barbara (ASX:SBM) has announced that the resource definition drilling is complete for the Sorowar-Pigiput Trend portion of the 24 hole, 4,700-metre diamond drill program at the Simberi Operations in Papua New Guinea (PNG). Assays results have been received for another five resource definition diamond drill holes to bring the total to seven holes for which assays have now been received. Shares are trading 12.07 per cent higher at 16.25 cents.
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Source: Finance News Network