- Core Lithium (CXO) locks its shares in a trading halt ahead of an upcoming material capital raise
- At this stage, Core has not indicated what it plans to use the funds for or how much it hopes to raise
- The company’s bid for funds comes as it works towards bringing its Finniss Lithium Project into production
- The trading halt is set to be lifted on or before Wednesday, August 11, when details regarding the raise are made to market
- Prior to today’s trading halt, Core Lithium shares last traded at 36 cents
Core Lithium (CXO) shares are locked in a trading halt ahead of an upcoming material capital raise.
Further details regarding the raise are expected to be announced to the market on or before Wednesday August 11, at which time Core Lithium shares are set to recommence trading.
Core Lithium has not indicated how much it might look to raise or for what purpose, however the raise comes while the company works to bring its Finniss Lithium Project into production.
The company reported results from an upgraded definitive feasibility study of the wholly owned project in July, which increased its ore reserves to 7.4 million tonnes at 1.3 per cent lithium oxide.
Subject to lithium market performance, financing and a final investment decision, Core is hoping to commence production at Finniss before the end of 2021.
The study indicated a pre-production capital expenditure of $89 million for the project, which is located south of Darwin Port in the Northern Territory.
Prior to today’s trading halt, Core Lithium shares last traded at 36 cents.