Shares in Wildcat Resources (ASX:WC8) rose as much as 7.06% to A$0.455 following an update on its Tabba Tabba acquisition.

The lithium miner confirmed that all necessary approvals for the acquisition of the Tabba Tabba Lithium Tantalum project have been secured.

According to the company, the completion of the acquisition under the agreement is expected to be immediate.

The announcement spurred a significant increase in trade, with roughly 3.2 million shares changing hands, a sizeable diversion from the 30-day average volume of 9.98 million shares.

The stock, which is currently trading above its 50, 100, and 200-day simple moving averages, connotes a bullish sentiment among investors.

The share price has observed an approximate 18-fold increase since the beginning of the year.

Wildcat Resources (ASX:WC8) is a mining company specializing in the exploration and production of lithium.