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FYI Resources in trading halt ahead of capital raising announcement

The company recently completed the stage two production of high purity alumina from its pilot plant facility in Welshpool, Western Australia.

FYI Resources Ltd - FYI Resources in trading halt ahead of capital raising announcement
HPA from the plant will be sent to a US laboratory for precise analysis

FYI Resources Ltd (ASX:FYI) has been granted a trading halt by the ASX pending an announcement regarding a capital raising to sophisticated and professional investors.

The trading halt will remain in place until the start of trading on Monday, August 17, or when an announcement is released to the market, whichever occurs earliest.

Shares jumped 14.29% to touch 8 cents on Monday and have risen from 3 cents at close on March 24.

Stage two HPA production

FYI recently completed stage two production of high purity alumina (HPA) from its pilot plant facility in Welshpool, Western Australia.

The successful stage two trial comes after positive feedback and multiple requests from various potential offtake groups for additional HPA product.

HPA product generated from the pilot plant will be checked for quality control and assurance including sending representative samples to an independent laboratory in the US for precise analysis.

Once satisfied, FYI will forward trial HPA to designated potential customers with their requested product orders (sizes varying from 5-20 kilograms) to undertake further detailed qualification assessment.

Quick facts: FYI Resources Ltd

Price: 0.27 AUD

ASX:FYI
Market: ASX
Market Cap: $65.71 m
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FYI Resources Ltd (ASX:FYI) Roland Hill updates Proactive on the results of a definitive feasibility study that outlines a clear path forward to developing an integrated HPA business incorporating Cadoux Kaolin Project and Kwinana High-Purity Alumina (HPA) Project in WA.  Hill said the...

on 13/3/20

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