- Morella Corporation (1MC) places its shares in a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until Monday, July 25, or when an announcement with further details is released, whichever occurs first
- On July 15, Morella announced it had met its first-year expenditure earn-in requirement for the Fish Lake Valley lithium project in Nevada, US, with Lithium Corporation
- Under the first year of the agreement, Morella was required to undertake US$200,000 (A$290,219) worth of exploration and development by no later than August 17, 2022
- Shares in Morella last traded at 1.7 cents on July 14
Morella Corporation (1MC) has placed its shares in a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until Monday, July 25, or when an announcement with further details is released, whichever occurs first.
Morella is yet to disclose how much it intends to raise or what it will use the funds for once received.
On July 15, Morella announced it had met its first-year expenditure earn-in requirement for the Fish Lake Valley lithium project in Nevada, US, with Lithium Corporation.
Last year, Morella entered an agreement to earn a 60 per cent interest in Fish Lake with the right to acquire up to 100 per cent.
Under the first year of the agreement, Morella was required to undertake US$200,000 (A$290,219) worth of exploration and development by no later than August 17, 2022.
Morella last tapped investors for cash in October 2021 when it undertook a $6.5 million placement for its Mallina and Fish Lake Valley projects.
The funds were raised through the issue of 1.3 billion new fully-paid ordinary shares to institutional, professional and sophisticated investors at a price of 0.5 cents.
Morella then invited shareholders to participate in an entitlement offer to raise a further $2 million on the same terms as the placement.
Shares in Morella last traded at 1.7 cents on July 14. The company has an $87.99 million market cap.