Infinity lithium Corporation Limited (ASX: INF) the company reports net cash from operating activities of ($751) and cash and cash equivalents of $2,544,000. For the three months to end December 2018, the company is pleased to announce a summary of activities, which included the delivery of Infinity’s San Jose Lithium Project lithium hydroxide Scoping Study which highlighted economic and technical outcomes of the project in the production of lithium battery chemicals.
As work progresses towards the delivery of either a pre-feasibility study or lithium hydroxide or a feasibility study for lithium carbonate, this study has allowed Infinity lithium Corporation Limited to advance discussions with potential strategic partners.
The appointment of a European based lithium industry expert to the Board compliments the company’s focus to broaden investor engagement European markets, which is highlighted through the successful listings on the Stuttgart and Frankfurt Stock Exchanges.
The company announced in Q4 2019 the maiden JORC resource of the Banio Potash Project. Seismic data and extensive historical drilling were utilized to create a JORC Exploration Target in 2016, and the initial JORC resource is based on testing a portion of that area.
As Vice President of Business Development and European Corporate Strategy, the appointment of Vincent Ledoux-Pedailles was announced by the company. The company believes it is the best time to pursue strategic partnerships or transactions on the potash assets in Gabon, the price of potash has enjoyed a strong revival over the past year and as per the company’s September Quarterly report.
Infinity lithium Corporation Limited (ASX: INF) traded lower at $0.060 which is down by -4.762%. The company has had a performance change of 3.28% over the past three months. The cash balance as at 31 December 2018 for the company was $2.54 million.
3D Oil Limited (ASX: TDO) – the company is delighted to provide an update to its activities for the period ending 31 December 2018. In the WA-527-P exploration permit, 3D Oil holds a 100% interest which covers 6,500 km of the offshore Bedout Sub-basin. The permit is located next to the more recent oil discovery at Dorado and condensate discoveries at Roc and Phoenix South.
With multiple international E&P companies interested in participating with exploration in the acreage is where the company is currently engaged. Allowing detailed quantitative geophysical interpretation and AVO modeling to begin, high-quality seismic interpretation of the state-of-the-art CGG Gippsland Basin Regeneration Reprocessing offset stacks and has been completed.
The company undertook a successful placement, during the quarter and a Share Purchase Plan. For the reprocessing of seismic data and to undertake a comprehensive perspectivity update of the permit, the funds raised will be applied to WA-527-P. Through an oversubscribed placement to institutional investors and sophisticated and raised a further A$0.5 million through an SPP. This was the primary capital raising in 10 years for the company, the total amount raised under the Placement and SPP was A$3 million.
With a further $1,500,000 on deposit with a maturity greater than three months, the Company held cash reserves of $1,380,000 at the end of December. The cash equivalents at the end of quarter December 31, 2018, is $1,380,000.
3D Oil Limited (ASX: TDO) traded flat as at January 25, 2019, at around $0.082. The stock price in the past year has had a performance change of 36.67% and the last six months has been 18.84%. The market capitalization of the company as of January 25, 2019, is $21.75 million.
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