- Minerals explorer Argosy Minerals (AGY) has placed its shares in a trading halt ahead of an upcoming capital raise
- A formal announcement, including details of the raise, is expected in the next two days
- At this stage, AGY has not indicated how much it is looking to raise or how it intends to use the funds
- The company reported a cash reserve of roughly $2.9 million in its most recent quarterly update and flagged plans for its high-purity lithium carbonate processing plant
- Prior to the trading halt, AGY shares last traded at 16 cents each
Minerals explorer Argosy Minerals (AGY) has placed its shares in a trading halt ahead of an upcoming capital raise.
The announcement made to market this morning revealed Argosy would halt trading on its securities for up to two business days, effectively immediately.
The company says it expects to make a formal announcement regarding the raise any time in the next two days prior to market open on Monday February 8, when the trading halt is set to be lifted.
At this stage, the company has not disclosed how much it is seeking through the raise or how it intends to use the funds.
As per the explorer’s most recent quarterly update, it reported a cash reserve of roughly $2.9 million and flagged plans to progress towards constructing its high-purity lithium carbonate processing plant.
AGY currently has a number of lithium production projects in the pipeline, including its Rincon Lithium Project in Argentina and the Tonopah Lithium Project in Nevada, U.S.
The company has a 77.5 per cent and 100 per cent stake in these projects respectively.
Prior to the trading halt, AGY shares last traded at 16 cents each.