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- Eastern Resources (EFE) enters a mid-week trading halt pending the release of an announcement regarding a material transaction
- The company will remain in the halt until February 25 or when the announcement is released, whichever occurs first
- Eastern Resources announced yesterday it had been granted an exploration licence covering the Trigg Hill Lithium Tantalum Project in Western Australia
- A two-week program has been planned and an exploration contractor has been secured with field work to begin shortly
- Shares in Eastern Resources last traded at 4.9 cents on February 22
Eastern Resources (EFE) has entered a mid-week trading halt pending the release of an announcement regarding a material transaction.
The company will remain in the halt until February 25 or when the announcement is released, whichever occurs first.
Eastern Resources is yet to disclose further details regarding the transaction.
Yesterday, the company announced it had been granted Exploration Licence E45/5728 covering the Trigg Hill Lithium Tantalum Project in the Pilbara region of Western Australia.
The licence was granted to Amery Holdings in which Eastern Resources has the option to acquire a 100 per cent interest.
Due diligence has been completed at Trigg Hill and Eastern Resources was satisfied with the findings.
A two-week program has been planned and an exploration contractor has been secured with field work to begin shortly.
Eastern Resources last tapped investors for cash in September 2021 when it undertook a $3.75 million placement and investment.
The company raised $2.52 million through the placement with 109.5 million shares issued to sophisticated and professional investors at 2.3 cents.
A total of 21.9 million free-attaching options were also on offer, exercisable at 1.2 cents with expiry on January 31, 2023.
Eastern Resources stated it would use the money to acquire and develop lithium projects in Australia.
The remaining funds came from an investment from China-based lithium producer Sichuan Yahua Industrial Group.
Shares in Eastern Resources last traded at 4.9 cents on February 22. The company has a $48.22 million market cap.
