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Lithium Australia (ASX:LIT) - Managing Director, Adrian Griffin - The Market Herald
Managing Director, Adrian Griffin
Source: ABC
  • Lithium Australia (LIT) has requested back-to-back trading halts pending a proposed capital raise
  • The company will remain in the halt until the earlier of August 14 or when the announcement is released
  • It was also announced today that a fire at a battery recycling facility over the weekend in Campbellfield, Melbourne is not related to Lithium Australia's Envirostream battery recycling facility in the same suburb
  • Despite COVID-19, this plant is continuing to operate, as it is classified as an 'essential service'
  • Shares in Lithium Australia last traded for 6.8 cents on August 7

Lithium Australia (LIT) has requested back-to-back trading halts pending a proposed capital raise.

The company will remain in the halt until the earlier of August 14 or when the announcement is released.

Lithium Australia also announced today that a fire at a battery recycling facility over the weekend in Campbellfield, Melbourne is not related to its Envirostream battery recycling facility in the same suburb.

Despite COVID-19, this plant is continuing to operate as it is classified as an 'essential service.'

Further, as a result of COVID-19, Lithium Australia and its subsidiaries significantly reduced operating and investment expenditure from just over $2.7 million in the March quarter to $469,000 in the June quarter.

As a result, the company had cash reserves totalling $3.7 million as of June 30, compared to $3.3 million at the end of the March quarter.

Lithium Australia last entered a trading halt in June 2019 regarding a capital raise.

A few days later, the company announced a one-for-six renounceable rights issue to raise up to $6.5 million.

The money was used for exploration at Lithium Australia's Youanmi and Medcalf prospects, development of its SiLeach and L-Max processes, and for general working capital.

Shares in Lithium Australia last traded for 6.8 cents on August 7.


Find out more about this capital raise


LIT by the numbers
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