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- Australian Strategic Metal’s (ASM) shares have entered a trading halt as the company lays plans for a material capital raise
- The trading halt is set to remain in place for the next two days or until a formal announcement regarding the raise has been made to market
- ASM has been light on in terms of further details of the raise, but it recently signed a memorandum of understanding for a proposed metals plant in Korea
- The company reported a cash and equivalents balance of $12.4 million for the period ended December 31, 2020
- Prior to the trading halt, Australian Strategic Materials last changed hands at $4.99 per share.
Australian Strategic Metal’s (ASM) shares have entered a trading halt as the company lays plans for a material capital raise.
The materials “miner to producer” requested an immediate halt ahead of a formal announcement regarding the raise, which is expected in the next two trading days or earlier. At which time, ASM is set to resume trading.
There has been no clear indication as to how much Australian Strategic is looking to bank via the fund raising activities, what the proceeds will be used for or what type of investors will including in the offering.
A quick glance at its most recent operational activities reveals the company has plans for a proposed metals plant in Korea’s Ochang foreign investment zone.
ASM has signed a memorandum of understanding with the Chungcheongbuk-do Provincial Government and the Cheongju-si City Government to cover the supply of utilities, administrative licenses and permit procedures.
In its most recent half-yearly, the company reported a cash and equivalents balance of $12.4 million for the period ended December 31, 2020.
Prior to the trading halt, Australian Strategic Materials last changed hands at $4.99 per share.
