Galena Mining Ltd (ASX:G1A) has been granted a trading halt by the ASX pending the announcement regarding the execution of transaction documentation and the upcoming completion of the Toho Zinc Co Ltd (TYO:5707) investment transaction.
The trading halt will remain in place until the start of normal trading on Friday, April 12 2019, or when an announcement is released to the market, whichever occurs earliest.
Galena’s proposed transaction with Japan’s Toho Zinc recently completed the confirmatory due diligence that was a condition to the transaction.
Toho plans to invest $90 million for a 40% ownership of Galena’s wholly-owned subsidiary Abra Mining Pty Ltd (AMPL), which owns the Abra Base Metals Project in Western Australia.
Galena is targeting the start of construction at Abra in 2019, with initial production in 2021 and the first full-year of steady-state commercial production in 2022.