Cyclone Metals (ASX:CLE) has sold via an off-market sale process its shareholding in European Lithium (ASX:EUR), generating funds of approximately AU$14.3 million, according to a Tuesday Australian bourse filing.
The company's current cash position as of Oct. 21 is approximately AU$15.6 million.
The company decided to conduct the sale in light of the recent significant increase in the share price of EUR.
Cyclone Metals shares fell 8% in recent Tuesday trade, while EUR shares fell 16%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.