- Lithium explorer AVZ Minerals (AVZ) is considering raising extra funds through an institutional placement to investors
- The company entered a two-day trading halt on Wednesday to give it time to plan and execute the proposed fundraise
- AVZ ended the September quarter with just over $10 million worth of cash in the bank, as it continue to develop its Manono Lithium and Tin Project
- The business has a 75 per cent stake in the asset in the Democratic Republic of Congo and raised $40 million for the project back in July
- Company shares should resume trading again on the ASX on Friday, with securities last trading at 64.5 cents each
Lithium explorer AVZ Minerals (AVZ) is considering raising extra funds through an institutional placement to investors.
The company entered a two-day trading halt on Wednesday morning to give it time to plan and execute the proposed fundraise.
AVZ previously raised $40 million in extra capital back in July this year to help fund the planned development of its flagship Manono Lithium and Tin Project.
The materials stock owns a 75 per cent stake in the project, which is located within the Democratic Republic of Congo.
The asset plays host to lithium pegmatites with a strike length of 13 kilometers and is centered on an historical Tin mining operation.
AVZ ended the September quarter with just over $10 million worth of cash in the bank, having spent $1.2 million on operation activities and $29.6 million on investments.
Around $27 million of the $29.6 million investment figure went towards increasing AVZ’s stake in Manono from 60 per cent to 75 per cent.
Company shares should resume trading again on the ASX on Friday, when full details of the placement are announced.
Before today’s trading halt, AVZ Minerals was trading at 64.5 cents each.