Shares of Lachlan Star (ASX:LSA) ascended as much as 11.1% to A$0.010, marking their highest level since July 24.

The mineral exploration corporation entered into a share sale agreement with DevEx Resources (ASX:DEV).

In this deal, Lachlan Star is set to acquire an extensive copper-gold exploration portfolio in New South Wales, currently owned by DevEx.

As consideration for the deal, Lachlan Star will issue 756.7 million fully-paid shares to DevEx at a deemed issue price of A$0.01.

Once the agreement is executed, DevEx will possess a 36.46% stake in Lachlan Star.

Approximately 3.1 million Lachlan Star shares changed hands, which is in contrast to the 30-day average trading volume of 1.4 million shares.

Lachlan Star’s stock value has seen a 30.8% reduction this year up to the latest closing period.

Lachlan Star is a mineral exploration corporation based in Australia.