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- Poseidon’s shares are on a trading halt for two days from 29 November.
- The company is preparing to announce a capital raise.
- Shares of Poseidon will re-enter trading on 1 December 2022.
The company had requested ASX to freeze all its listed securities as it readies for an announcement regarding a capital raise. Before the market opening on 1 December 2022, Poseidon anticipates making this announcement at any point in the upcoming two days. Once the capital raising update is made public, Poseidon’s shares will be commenced of normal trading on the same day.
At the time of the trading halt, one share of Poseidon was valued at AU$0.041.
In the last five trading sessions, Poseidon’s share value has dropped by 8.89% while increasing by 2.52% in a month. The nickel miner’s shares witnessed a fall of 41.43% over the previous six months of trading, followed by a startling 65.83% decline on a year-to-date (YTD) basis. In addition to this, the share price of Poseidon has shed its value by 54.44% over the course of a year (as of 4:10 PM AEDT, 28 November).
The biggest milestone for Poseidon during 2022 was to complete the bankable feasibility study (BFS) for its Black Swan nickel project, according to the company’s annual general meeting (AGM) presentation released on 24 November 2022. With the help of the Black Swan project, Poseidon aims to advance toward being a sustainable nickel producer with more than 15ktpa capacity.
Poseidon’s AGM presentation showcased key achievements of the last 12 months as the following:
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