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Australian Mines granted trading halt ahead of capital raising

AUZ is progressing a bankable feasibility study for its Sconi Cobalt-Nickel-Scandium Project in North Queensland.
asx boards
A considerable resource upgrade was recently reported

Australian Mines Ltd (ASX:AUZ) has been granted a trading halt by the ASX pending the release of information regarding a capital raising.

Shares in the company will remain halted until the earlier of, either the release of relevant information, or the commencement of trading on Wednesday 27 February 2019.

READ: Australian Mines continues off-take negotiations with SK Innovation

AUZ is continuing negotiations with SK Innovation on the long-form off-take contract for battery-grade cobalt sulphate and nickel sulphate.

This sulphate is to be produced from the AUZ’s wholly-owned Sconi Cobalt-Nickel-Scandium Project in North Queensland.

 

A considerable resource upgrade at two deposits was recently reported, and the company does plan to expand resources further through drilling later this year.

An optimised Bankable Feasibility Study (BFS) is underway, and the project has been awarded Prescribed Project status by the Queensland Government.

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