Lithium-boron miner Global Geoscience (ASX: GSC) Limited pressed the paused button on ASX ahead of its Pre-Feasibility Study results due to be released tomorrow, 23 October 2018.
In an application to Australian Securities Exchange, Global Geoscience requested for an immediate trading halt in its securities as it underway to release the Rhyolite Ridge Pre-Feasibility Study outcome. The request was duly accepted and the securities of GSC were subsequently placed in trading halt since the start of today’s trading session.
Recently in September mineral explorer Global Geoscience announced its ability to produce high quality boric acid and lithium carbonate from Rhyolite Ridge, the lithium-boron project located in Nevada, USA .
Rhyolite Ridge is the principal project of the company that supplies boric acid and lithium carbonate in American and Asian market. The supply from this project meets approximately 80% of global demand for borates, delivering good crystal size product coupled with low level of impurities. It is expected that project can initially supply ~20,000-30,000 tonnes of lithium carbonate and ~160,000-220,000 tonnes of boric acid per annum, as per the company’s previous announcements.
Further, do not get surprise if you don’t find the company with name Global Geoscience Limited and ASX Code “GSC” in near future. It’s because the company plans to change its name from Global Geoscience Limited to “ioneer Limited” with the new ASX Code “INR”. The new proposed name of lithium-boron developer reflects the combination of two words ion and pioneer. In support of the meaning behind this name, the Chairman James D. Calaway stated that the word “ioneer” put forwards the company’s aim to become the pioneer in ions production by marking significant growth in lithium-boron supply globally.
The concern for sustainable future remains the other major objective for the company. In wake of environmental protection, the company aims to develop Rhyolite Ridge into a core, long-term, low-cost and profitable asset as lithium and boron have been identified to have unique properties that are essential to modern life and emerging clean technologies for the planet.
However, the change in official name of the company remains subject to shareholders approval at company’s Annual General Meeting due to be held on 31st October 2018.
Further going into recent activities undertaken by the company it has been tracked that in June 2018 the company has issued 130,311,996 shares under Placement offer at an issue price of $0.41 per share. The company indicated to utilize the funds received from the issue of Placement shares to fund support the advancement of Rhyolite Ridge project and maintain healthy working capital of the group.
ASX told that existing trading halt in GSC securities will remain in place until the earlier of 24 October 2018 or the release of pending announcement as stated above.
GSC last traded at $0.250 with market capitalization of $367.37 million. In the past week, the stock slipped lower to close at $0.250, down 1.961% on Friday, however looking to the long-term performance of GSC, the stock has edged up by 6.38% over the past one year.
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