- Sovereign Metals (SVM) pauses trading in its shares, pending a capital raise announcement
- Securities will remain in a trading halt until Monday or until more details surrounding the capital raise are released to the market.
- The company’s projects are located in the East African nation of Malawi and have a focus on rutile and graphite mineralisation.
- In recent news, the company confirmed its Kasiya project in Malawi was the largest rutile deposit discovery in the world
- Shares in the company are paused at 71 cents each
Sovereign Metals (SVM) has paused trading in its shares, pending a capital raise announcement.
Securities will remain in a trading halt until Monday or until more details surrounding the capital raise are released to the market.
It is unknown what the company is planning to the raise funds for or how much it will pocket.
Its projects are located in the East African nation of Malawi and have a focus on rutile and graphite mineralisation.
In recent news, the company confirmed its Kasiya project in Malawi was the largest rutile deposit discovery in the world. It came after it tripled its mineral resource estimate at the project, sending shares soaring.
When commenting on the news earlier in the month, Managing Director Dr Julian Stephens alluded to the company’s future plans.
“The company is targeting a large-scale, low carbon-footprint and environmentally sustainable natural rutile and graphite operation which will also positively impact the environmental footprint of titanium pigment and other industries and provide a significant contribution to the economy of Malawi,” he said.
Shares in the company were last trading at 71 cents each.