- Lotus Resources (LOT) has placed its securities in a trading halt as it gets ready to tap investors for additional cash
- The mineral exploration company has also announced changes to its leadership team, appointing two Non-Executive Directors
- Michael Bowen and Mark Hanlon will take on the roles immediately, replacing John Sibley and Stuart McKenzie, who’ve stepped down
- Additionally, Lotus has flagged plans to expand its ownership stake in the Kayelekera Uranium Project
- The company will increase its stake to 85 per cent by buying the joint venture between itself and Kayelekera Resources
- Shares in Lotus Resources last traded for 15 cents each on February 19
Lotus Resources (LOT) has placed its securities in a trading halt as it gets ready to tap investors for additional cash.
The mineral exploration company entered the halt before market opened on Monday and will remain paused from trading until Wednesday.
That’ll give the business enough time to plan and execute a capital raising, though no details have been released on how much it plans to raise.
Along with the trading halt, Lotus has also announced some changes to its leadership team by appointing two Non-Executive Directors.
Michael Bowen and Mark Hanlon will take on the roles effective immediately, replacing John Sibley and Stuart McKenzie on the board of LOT.
In addition to this news, Lotus has flagged plans to expand its ownership stake in the Kayelekera Uranium Project in Malawi.
Currently, the company has an indirect 65 per cent stake in the project, while Kayelekera Resources and the Malawi Government own the other 35 per cent.
Lotus can increase its stake to a total of 85 per cent by buying the joint venture (JV) that the company set up with Kayelekera Resources.
However, the energy stock will need shareholders’ approval before the acquisition of the JV can be completed.
Before today’s trading halt, shares in Lotus Resources were trading for 15 cents each on February 19.