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AVZ Minerals Ltd drives Manono Lithium and Tin Project towards final investment decision by year-end
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AVZ Minerals halted with announcement pending on proposed equity raising
Securities will remain in trading halt until the earlier of the start of normal trading on Friday, July 2, 2021, or when an announcement is released to the market. AVZ was recently granted a long-term lease on land in the DRC that will host an Intermodal Staging Station.
AVZ Minerals Ltd (ASX:AVZ) has been granted a trading halt by the ASX with an announcement pending in relation to a proposed equity raising.
In its application for the halt, AVZ said: “The trading halt is requested pending the release of an announcement by the company in relation to a potential equity raising (comprising an institutional placement and a share purchase plan) and to allow the placement to take place in an orderly fashion.”
AVZ Minerals seeks $35m to increase stake in project
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ASX-listed African mining play AVZ Minerals is in the market with a $35 million equity raising, with proceeds to increase its share of the Manono Lithium and Tin Project in the Democratic Republic of Congo.
The companyâs shares went into a trading halt on Wednesday morning as its broker, Curran & Co, started lining up support.
Street Talk. Â
Louise Kennerley
The raising was split into a $30 million non-underwritten placement to institutional and sophisticated investors and a share purchase plan to raise up to another $5 million from existing shareholders.
New shares were offered at 13¢ each, according to terms sent to potential investors.