- Element 25 (E25) has requested two consecutive trading halts be implemented by the ASX, as it gears up to announce a capital raising
- Shares in the manganese producer will remain in back-to-back trading halts until Tuesday, October 13
- Shareholders will have to wait until then to find out how much Element 25 is planning to raise unless it announces the details before
- This is the company’s second capital raise in three months after it successfully tapped investors for $3.2 million in July
- More recently, Element 25 received a $1 million cash and shares payment from fellow ASX-lister Rare-X (REE)
- The payment relates to the sale of the Cummins Range Rare Earth deposit to REE for the price of $3 million
- Shares in E25 last traded for 85 cents each on October 6
Manganese resource company Element 25 (E25) has requested two consecutive trading halts be implemented, as it gears up to announce another capital raise.
Shares in the manganese producer will remain in tied up in back-to-back trading halts until Tuesday, October 13.
Shareholders will have to wait until then to find out exactly how much the company is planning to raise — unless it announces the details early.
If all goes ahead, this will be the second capital raise undertaken by Element 25 in the last three months.
The company successfully tapped shareholders for an additional $3.2 million in cash via a share purchase plan in July.
At the time, Element 25 said the additional funds would be used to advance work at its Butcherbird Manganese Project.
More recently, the company has also been paid $1 million in shares and cash as part of its sale with fellow ASX-lister Rare-X (REE).
Rare-X agreed to buy Element’s Cummins Range Rare Earth deposit for around $3 million — with $2 million in consideration now handed over.
Before today’s trading halts came into effect, shares in E25 were trading for 85 cents each on October 25.