Bisan Limited (ASX:BSN) has been granted a trading halt by the ASX, pending an update on exploration results from current exploration activities undertaken at the Pencil Hill Graphite project in Botswana.
The company is considering acquiring an interest in the project.
Bisan can acquire a 30% interest with an investment of $2 million, equivalent to a market capitalisation for Pencil Hill of around $6.6 million.
Also, Bisan has first right of refusal to acquire up to 51% pre-IPO, with the acquisition subject to exploration due diligence.
The halt will remain in place until the opening of trade on Wednesday 22nd October 2014, or earlier if an announcement is made to the market.
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