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- Centrex Metals (CXM) enters a trading halt pending an upcoming capital raising
- The company will remain in the halt until October 28 or when more details regarding the raise are released, whichever occurs first
- On October 21, Centrex’s subsidiary, Agriflex, signed an agreement with fertiliser trader Samsung C&T Corporation
- Under the agreement, Agriflex will use Samsung C&T as its exclusive marketing agent regarding phosphase sales into Indonesia, Mexico, Japan, India and Korea
- Shares in Centrex last traded at 10.5 cents on October 25
Centrex Metals (CXM) has entered a trading halt pending an upcoming capital raising.
The company will remain in the halt until October 28 or when more details regarding the capital raise are released, whichever occurs first.
Centrex is yet to disclose how much it intends to raise or what it will use the funds for once received.
On October 21, Centrex saw its share price almost triple after its subsidiary signed an agreement with fertiliser trader Samsung C&T Corporation.
Under the agreement, Centrex’s subsidiary, Agriflex, will use Samsung C&T as its exclusive marketing agent regarding phosphate sales into Indonesia, Mexico, India, Japan and Korea.
The phosphate will come from the Ardmore Phosphate Project in Queensland, which is able to produce 800,000 tonnes of phosphate per annum.
This agreement will run for three years with around 160,000 tonnes of phosphate, equating to around 20 per cent, set for sales.
While a price hasn’t been determined, Agriflex will charge the market netback price for the phosphate.
Shares in Centrex last traded at 10.5 cents on October 25. The company has a $38.57 million market cap.
