- Lithium Australia (LIT) has requested back-to-back trading halts pending a proposed capital raise
- The company will remain in the halt until the earlier of August 14 or when the announcement is released
- It was also announced today that a fire at a battery recycling facility over the weekend in Campbellfield, Melbourne is not related to Lithium Australia’s Envirostream battery recycling facility in the same suburb
- Despite COVID-19, this plant is continuing to operate, as it is classified as an ‘essential service’
- Shares in Lithium Australia last traded for 6.8 cents on August 7
Lithium Australia (LIT) has requested back-to-back trading halts pending a proposed capital raise.
The company will remain in the halt until the earlier of August 14 or when the announcement is released.
Lithium Australia also announced today that a fire at a battery recycling facility over the weekend in Campbellfield, Melbourne is not related to its Envirostream battery recycling facility in the same suburb.
Despite COVID-19, this plant is continuing to operate as it is classified as an ‘essential service.’
Further, as a result of COVID-19, Lithium Australia and its subsidiaries significantly reduced operating and investment expenditure from just over $2.7 million in the March quarter to $469,000 in the June quarter.
As a result, the company had cash reserves totalling $3.7 million as of June 30, compared to $3.3 million at the end of the March quarter.
Lithium Australia last entered a trading halt in June 2019 regarding a capital raise.
A few days later, the company announced a one-for-six renounceable rights issue to raise up to $6.5 million.
The money was used for exploration at Lithium Australia’s Youanmi and Medcalf prospects, development of its SiLeach and L-Max processes, and for general working capital.
Shares in Lithium Australia last traded for 6.8 cents on August 7.