Australia's Winsome Resources rises after Li-FT Power announces buyout

Shares of Australia's Winsome Resources WR1.AX rise as much as 16% to A$0.435, their highest level since February 12

Mineral explorer Li-FT Power LIFT.V will acquire 100% of the issued securities of Winsome, the two companies said in a joint statement

Co says Winsome shareholders will receive 0.107 Li-FT shares for each WR1 share, valuing Winsome at A$0.501 apiece

Implied offer price represents a premium of 33.6% to Winsome's last close on Tuesday, after which the stock went on trading halt

Winsome's Board unanimously recommends security holders vote in favour of transaction

About 2.5 million shares change hands, 1.7x the 30-day average of 1.5

Stock down 1.7%, YTD