Three Stocks On Trading Halt – GLN, PDZ, PBX

Three Stocks On Trading Halt - GLN, PDZ, PBX

Galan Lithium Limited

Galan Lithium Limited (ASX: GLN), based in West Perth, Australia, explores acquires and evaluates mineral projects, with a key bent towards tin, lithium, and tantalum deposits, as well as oil. The company’s current market valuation stands at AUD 36.76 million with ~113.1 million outstanding shares. At the commencement of trading on April 5th, 2019, the securities of Galan Lithium were placed on a trading halt, until the release of an announcement (related to capital raising) and may last until the start of normal trading on Tuesday, April 9th, 2019. The GLN stock last traded at a price of AUD 0.325 on April 4th, 2019 and has generated a positive YTD return of 20.37%.

Recently, the company informed the market that the field measurements indicate that the upper levels of a brine bearing aquifer have been encountered in the third drillhole, C-03-19, at the Candelas Lithium Brine Project located on the Hombre Muerto Salar in Argentina. Besides, on March 26th, 2019, one of the company’s Directors, Christopher Chalwell indirectly acquired 50,000 fully paid ordinary shares of the company.

Prairie Mining Limited

The Perth-based Prairie Mining Limited (ASX: PDZ) is a coal development company that explores and develops resource projects primarily in Australia and Poland. On April 5th, 2019, the securities of the Prairie Mining were placed on a trading halt awaiting the release of an announcement (legal proceedings regarding Jan Karski Mine) and could maximum last until the commencement of normal trading on Tuesday, April 9th, 2019. The PDZ stock last traded on the market at a closing price of AUD 0.385 on April 3rd, 2019.

As per the Interim Financial Report for the half-year ended December 31st, 2018, the company recorded a net loss of $ 2.27 million, down on $ 5.29 million in the prior corresponding period ended December 31st, 2017. The exploration and evaluation expenses amounted to $ 1.82 million while there were also the business development expenses of $ 228,795.  As of December 31st, 2018, the net cash and cash equivalents stood at $ 8.58 million. In addition, Prairie Mining and Poland-based Jastrz?bska Spó?ka W?glowa SA recently signed an extension to the Non-Disclosure Agreement (announced on March 28th, 2018) to extend its term for an additional six months, with an end date of September 28th, 2019, for the purposes of continuing discussions.

Pacific Bauxite Limited

Pacific Bauxite Limited (ASX: PBX), headquartered in West Perth, is a mineral exploration company that operates in Australia and the Solomon Islands. It has a special interest in bauxite, iron ore, alumina, silica, and gold deposits. The company’s current market cap stands at AUD 5.95 million. On April 5th, 2019, a trading halt was imposed on the securities of Pacific Bauxite until an announcement (regarding court proceedings for Nendo project) is released to the market and may last until the normal trading commences on April 9th, 2019. The PBX stock price last traded at AUD 0.015 on April 3rd, 2019.

On April 3rd, 2019, Pacific Bauxite announced to have entered into an agreement with Cylinder Cove Pty Ltd for the sale of its residual interests in milestone payments and royalties from the Mt Richardson, Rogetta and Golden Camel projects, for a consideration of AUD 1.5 million. For the half-year ended December 31st, 2018, the company reported the net loss at $ 1.38 million (December 31st, 2017: $ $ 1.75 million) and total revenues of $ 20,938. The net cash and cash equivalents amounted to $ 892,037.


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