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Lithium Australia in trading halt ahead of capital raising and company update

The company’s securities are in a trading halt until Tuesday, June 11, or when an announcement is made to the market.

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The company's shares last traded at 8 cents

Lithium Australia NL (ASX:LIT) is in a trading halt pending capital raising news as well as a company update.

The halt will remain in place until Tuesday, June 11, 2019, or when an announcement is made to the market, whichever occurs earliest.

READ: Lithium Australia establishes 185 million tonne resource at Youanmi

Last month the company established a “significant” vanadium resource estimate for a portion of the Youanmi complex in Western Australia’s Mid-West.

The inferred resource had been estimated at 185 million tonnes at 0.33% vanadium oxide using a cut-off grade of 0.2% vanadium oxide.

It comprises oxide resources of 96 million tonnes at 0.34% vanadium oxide and fresh resources of 88 million tonnes at 0.33% vanadium oxide.

READ: Lithium Australia produces high-purity battery material using proprietary SiLeach process

The resource is within the E57/978 tenement held by Diversity Resources in which Lithium Australia has an option to purchase.

The company also has also recently generated lithium phosphate from waste materials using its 100%-owned SiLeach process.

Together with ANSTO, Lithium Australia developed a simpler means of removing impurities from lithium phosphate resulting in exceptionally high-purity refined product suitable for the manufacture of lithium-ion batteries (LIBS).

Quick facts: Lithium Australia NL

Price: 0.046 AUD

ASX:LIT
Market: ASX
Market Cap: $24.58 m
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Full interview: Lithium Australia subsidiary VSPC makes cathode material...

Lithium Australia NL's head of Battery Metals Mike Vaisey updates Proactive on the latest developments with the company’s subsidiary VSPC using lithium phosphate from spent lithium-ion batteries to create high-quality cathode material to be re-used in batteries.  The cathode material...

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