Aquirian's (ASX:AQN) TBS Mining Solutions unit signed a AU$4.2 million term sheet with Papyrus Australia (ASX:PPY) to manufacture and supply the Collar Keeper biodegradable boards over three years, according to a Wednesday filing with the Australian bourse.
The companies agreed to try to enter into a definitive agreement by Oct. 31, the filing said.
Shares of Papyrus Australia rose 230% and earlier hit a 52-week high.
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