Join our daily newsletter At The Bell to receive exclusive market insights
- Winmar is remaining suspended from trading on the ASX as it awaits the go-ahead to buy half of a cobalt processing facility in the Democratic Republic of Congo
- The company is in discussion with the ASX to reach a consensus on purchase terms
- As Winmar waits for ASX and shareholder approval it is working on securing joint venture partners
- Winmar’s last closing price is 2.4 cents per share
Base metal explorers Winmar has updated the market on the suspension of its shares from the ASX.
Shares in the company will remain un-tradable as it continues its bid to buy a 50 per cent interest in a cobalt processing facility in the Democratic Republic of Congo. Winmar still requires shareholder approval to make the purchase.
Throughout the quarter, the company has been in discussion with ASX Perth regarding the purchase of the Luapula Processing Facility. The two parties are working on reaching consensus over concerns with the acquisition structure.
Winmar detailed it has provided the ASX with an updated purchase proposal addressing the raised concerns. At the time of its update to the market, the ASX has not yet responded.
In today’s update, Winmar wrote: “Despite the prolonged period of suspension and that the acquisition has yet to be completed, the transaction remains in good standing.”
Additionally, the company advised it is on track to secure both potential joint venture parties for the project.
Winmar’s last share closing price is 2.4 cents per share.
