The halt will remain in place until the earlier of the start of normal trading on Wednesday, August 29, 2018, or when the announcement is released to the market.
Prior to the halt being granted this morning, Hardey released an announcement stating that its shareholders have approved the acquisition of two vanadium private companies.
The company will now proceed with the acquisition of Nelly Vanadium Pty Ltd (NVPL) and Vanadium Mining Pty Ltd (VanMin).
Plan to reactivate Nelly project
NVPL owns the highly prospective Nelly Vanadium Mine in the San Luis province of Argentina while
VanMin owns six high-quality vanadium projects across Queensland and Northern Territory.
Hardey’s geology team in Argentina is progressing the application to reactivate the mining licence for Nelly and studying the process to monetise the legacy stockpiles to generate near-term cash flow.
In Australia, the focus for the projects is to utilise historical data, if possible, to model JORC-compliant vanadium pentoxide resources.
Hardey’s shares traded at 0.6 cents prior to the halt.