- FYI Resources (FYI) has entered a trading halt ahead of a capital raise to sophisticated and professional investors
- Last week, FYI completed a stage two high-purity alumina production trial at its pilot plant, which performed as expected
- FYI plans to conduct further pilot plant operations and test work in the event of receiving future orders from potential customers in the LED and lithium-ion battery industries
- While the upcoming raise may support these operations, FYI did receive an $80 million investment from a Luxembourg-based investor
- FYI stated the equity funding would cover around one-third of the costs for its Cadoux kaolin and Kwinana-based HPA projects
- Company shares last traded for eight cents on Monday, August 10
FYI Resources (FYI) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until the commencement of normal trading on Monday, August 17, by which time it will launch a capital raise to sophisticated and professional investors.
Recently, FYI completed a stage two production trial of high-purity alumina and the company’s pilot plant operated in line with expectations and design parameters.
“This is another significant step up in terms of our project development as the successful operation of the pilot plant is strategically important to us,” Managing Director Roland Hill said at the time.
The quality of the HPA product is being analysed in the U.S. for a potential sale to customers in the LED lighting and lithium-ion battery industries.
FYI plans to conduct further pilot plant operations and test work in the event it receiving future orders from potential customers.
Whether or not the upcoming raise will support the development of its HPA product is not yet known.
In March, however, the company did secure $80 million in funding from GEM Global Yield, a Luxembourg-based investment company.
FYI explicitly stated the equity funding would cover around one-third of the costs required for its Cadoux kaolin and Kwinana-based HPA projects.
Company shares last traded for eight cents each on Monday, August 10.