Technology Metals Australia Ltd (ASX:TMT) has been granted a back-to-back trading halt by the ASX with a proposed capital raising announcement pending.
The trading halt will remain in place until the earlier of the start of normal trading on Friday, November 27, 2020, or the release of an announcement to the market.
In its request to the ASX, TMT said: "The trading halt will allow the capital raise process to take place in an orderly manner."
Shares last traded at 42.5 cents and since the market close on September 9 have risen from 18.5 cents to 48 cents on November 13, a new 2-year high.
Gabanintha Vanadium Project progress
The company recently signed a non-binding letter of intent (LOI) with Sinosteel Australia Pty Ltd for life of mine (LOM) offtake from its Yarrabubba Iron-Vanadium Project, a satellite project to the Gabanintha Vanadium Project (GVP) in Western Australia.
TMT has produced a premium product in test-work with up to 66.3% iron in magnetic concentrate produced from the fresh massive magnetite unit at Yarrabubba and a contained vanadium grade of up to 1.73% V2O5, which may assist in funding the GVP.
Notably, the company has also been granted Mining Leases M51/883 (Northern Block) and M51/884 (Southern Tenement) within the GVP which delivers all tenure required for the development of the project including miscellaneous licences for the bore field and camp and general-purpose leases for mining infrastructure associated with the Northern Block.
