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AVZ Minerals in trading halt with news pending of metallurgical test work results

The trading halt will remain in place until Monday, March 16, or when an announcement is released to the market.

AVZ Minerals Ltd - AVZ Minerals in trading halt ahead of metallurgical test work results
AVZ and Yibin Tianyi are finalising an offtake agreement for product from Manono Lithium and Tin Project in the DRC

AVZ Minerals Ltd (ASX:AVZ) has an announcement pending in relation to further metallurgical test work results and has been granted a trading halt by the ASX.

The trading halt will remain in place until the beginning of ASX trading on Monday, March 16, 2020, or when an announcement is released to the market, whichever occurs earliest.

Shares in the company that has a market cap of approximately $140.9 million last traded at 6.1 cents.

Move to finalise $14 million placement

AVZ recently received a US$1 million convertible note from N-Resource Limited, an associate of Yibin Tianyi Lithium Industry Co Ltd.

The payment of US$1 million permits Yibin Tianyi to maintain its rights under a $14.1 million share subscription agreement for which the sunset date has been extended to March 31, 2020.

It also accommodates a request to Yibin Tianyi from Australia’s Foreign Investment Review Board (FIRB) for additional time to finalise its review which is well progressed.

Quick facts: AVZ Minerals Ltd

Price: 0.062 AUD

ASX:AVZ
Market: ASX
Market Cap: $169.57 m
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