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Technology Metals Australia in trading halt ahead of equity raising news

A definitive feasibility study (DFS) valued the Gabanintha Vanadium Project at US$924 million in August 2019.

Technology Metals Australia Ltd - Technology Metals Australia in trading halt ahead of equity raising
The company’s flagship Gabanintha Vanadium Project is 40 kilometres south of Meekatharra in Western Australia

Technology Metals Australia Ltd (ASX:TMT) has been granted a trading halt by the ASX ahead of news of a proposed equity raising by way of a share placement.

The halt will remain in place until the start of normal trading on Friday, January 31, 2020, or until an announcement is released to the market.

In its application to the ASX for the halt, TMT said: "The trading halt will allow the placement to take place in an orderly fashion".

Shares in the company last traded at 11.5 cents.

Gabanintha Vanadium Project offtake discussions

The company has continued to advance development of its flagship Gabanintha Vanadium Project in Western Australia.

Since delivering a DFS in August 2019, the company has been in ongoing discussions with offtake partners, equipment vendors/suppliers, strategic partners and financiers.

It also continues to advance environmental and permitting activities.

Ningxia 2020 site visit

To date, TMT has delivered two MoUs with two separate parties covering 40% of the proposed annual project production.

This comprises 2,000 tonnes per annum of vanadium pentoxide to CNMC (Ningxia) Orient Group and 3,000 tonnes annually to Shaanxi Fengyuan.

Discussions regarding the conversion of CNMC’s MoU to a binding offtake agreement are in the latter stages of negotiation and documentation, with investors to be updated as this matter is progressed.

Shaanxi Fengyuan continues to conduct due diligence with a site visit likely to take place in early 2020.

Quick facts: Technology Metals Australia Ltd

Price: 0.125 AUD

ASX:TMT
Market: ASX
Market Cap: $13.36 m
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