Technology Metals Ltd (ASX:TMT) has news pending in regard to an update on end-user partner discussions and has been granted a trading halt by the ASX.
This trading halt will be in place until the beginning of regular trade on Wednesday, May 20, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 12 cents and are up from 6.1 cents at close on March 24.
The company’s board of directors recently demonstrated their support for the company by participating in a placement following shareholder approval received on May 4.
Directors purchased shares on May 11 for 11 cents each to raise $59,762.
This completes the successful placement undertaken in January 2020 to progress the development of the Gabanintha Vanadium Project and for general working capital.
The company continues to progress offtake and financing discussions in support of the development of Gabanintha, highlighted by the announcement on April 27, 2020, of the signing of a Binding Offtake Agreement (BOA) with CNMC Ningxia Orient Group Company Ltd.
The sales under this agreement would generate annual revenue of A$50 million, or A$300 million over the full six-year term of the agreement, based on the current European V2O5 price.