Join our daily newsletter At The Bell to receive exclusive market insights
- Mali Lithium (MLL) has placed its shares in a trading halt as it gears up to announce a capital raise
- The company hasn’t announced how much it plans to raise, or what the funds will be used for, but its trading halt will expire on September 7
- But, more recently Mali did reveal it was entering the gold market, by acquiring an 80 per cent interest in Morila Gold Mine
- The company will shell out US$22 million to US$27 million (around A$30.04 million to A$36.87 million) as consideration for the acquisition
- Shares in Mali last traded for 19.5 cents per share on September 2
Mali Lithium (MLL) has locked up its shares in a trading halt as it gets ready to announce a capital raise.
It’s not clear at this stage how much Mali plans to raise, nor what the funds will be spent on, but the trading halt will expire on Monday, September 7.
However, its possible Mali is raising money for its soon to be acquired Morila Gold Mine, as the company said the purchase is subject to “securing acquisition finance.”
The company announced last week it plans to acquire an 80 per cent stake in the gold mine from Barrick Gold Corporation and AngloGold Ashanti.
The mine has an inferred mineral resource estimate of 32 million tonnes at 1.26g/t gold for 1.3 million ounces of contained gold.
Mali plans to pay between US$22 million to US$27 million (around A$30.04 million to A$36.87 million) as consideration for the acquisition.
Before today’s trading halt, shares in Mali were trading for 19.5 cents per share on September 2.
