AVZ Minerals Limited (ASX: AVZ)
AVZ Minerals Limited has launched a fully underwritten Share Purchase Plan to provide for the material investment needed for the rapidly progressing Manono Lithium and Tin Project. The company told that the SPP would reportedly raise a minimum of A$5 million at an issue price of a 20% discount of VWAP of AVZ shares traded on the ASX during the five days immediately prior to the issue of the new shares. Patersons Securities Limited has reportedly agreed to fully underwrite the target amount of $5 million under the SPP. The company shall accept oversubscriptions of an additional $5 million.
In the letter to shareholders with respect to SPP, Managing Director Nigel Ferguson stated that eligible shareholders have the opportunity to subscribe for up to $15,000 of shares under the Share Purchase Plan.
As per the announcement, the company intends to utilize the proceeds raised from funds to fast-track pre-development activity such as the Definitive Feasibility Study including hydrogeological test-work, environmental studies, pit dewatering and for general working capital.
AVZ Minerals’ shares plunged 12.5% to last trade at $0.042 on 7 February 2019. Today, the shares have crashed by 9.52%, trading at $0.038 (as at 3:38 PM, 8 February 2019). Over the past 12 months, the stock has fallen by 84.15% including a negative price change of 50.59% over the past three months.
Argosy Minerals Limited (ASX: AGY)
Argosy Minerals Limited completed highly anticipated Preliminary Economic Assessment (PEA) during December 2018 quarter with the continued fast-track development at the Rincon Lithium Project in Argentina. The PEA has reportedly confirmed the sustainable and long-life operations potential at Rincon with strong project economics.
Key PEA metrics include 16.5-year mine life producing ~10,000tpa high-value Li2CO3 product with pre-tax NPV of ~US$399M and IRR of ~53%. In addition, the company stated that an upgraded JORC Code (2012) compliant Indicated Mineral Resource estimate, containing 245,120 tonnes of lithium carbonate to a vertical depth of 102.5m, is now confirmed.
For March 2019 Quarter, the company targets to continue stage 1 industrial-scale pilot plant lithium processing works to produce customized ‘battery quality’ LCE product and scale up for increased production.
AGY is trading flat with the daily volume change of 543,011 shares on 8 February 2019 (as at 3:38 PM). The stock last traded at $0.135 with a market capitalization of $124.67 million.
Artemis Resources Limited (ASX: ARV)
Artemis Resources recently announced the Board Restructuring with the appointment of His Highness Sheikh Maktoum Hasher al Maktoum as Non-Executive Chairman of the company. H.H. Sheikh Maktoum Hasher al Maktoum is a member of Dubai’s ruling family and has been in the role of Non-Executive Director of Artemis since 26 October 2017.
In the recently released quarterly report, Artemis Resources reported the identification of eight new exploration targets at the Armada Prospect in the Paterson Ranges during the quarter ended 31 December 2018. The company has also defined shallow Nickel-Copper resource at Radio Hill.
ARV shares plunged 9.756% to last trade at $0.074 on 7 February 2019. The share price was recorded as $0.075 (as at 3:38 PM, 8 February 2019). Over the past 12 months, the stock price declined by 62.05% including a plunge of 43.08% over the last month.
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