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Highlights:
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Neometals Ltd has temporarily suspended trading of its shares on the ASX to facilitate a capital raising initiative.
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The raised funds will support the company’s lithium-ion battery recycling project, advance research in lithium and vanadium recovery, and further the Barrambie gold and titanium projects.
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The trading halt will remain in effect until an official announcement is made or ASX trading resumes on October 11, with shares on the AIM market in London unaffected.
Neometals Ltd {LSE:NMT} an Anglo-Aussie group, has announced a temporary halt in the trading of its shares on the Australian Securities Exchange (ASX). This decision is aimed at facilitating a capital raising initiative, which is intended to bolster several of the company's key projects.
The funds generated from this capital raising will primarily be allocated towards advancing Neometals' lithium-ion battery recycling project. This initiative is part of the company's broader strategy to enhance sustainability in battery technologies. Additionally, the capital will support ongoing research and development efforts in lithium and vanadium recovery, which are essential for the transition to a more sustainable energy landscape.
Furthermore, the funds will be utilized to advance the Barrambie gold and titanium projects, which are pivotal components of Neometals' portfolio. These projects are expected to contribute significantly to the company's growth and operational capabilities. General corporate costs will also be covered through this capital raise, ensuring that the company maintains a solid financial foundation.
The trading halt will remain in place until Neometals releases an official announcement or until ASX trading resumes on October 11. It is important to note that shares traded on the AIM market in London remain unaffected by this trading suspension, allowing those operations to continue as usual.
Upon the market opening, shares in Neometals were flat, indicating a neutral reaction among investors in the absence of trading activity. The capital raising initiative reflects the company's commitment to its strategic objectives and positions Neometals for future growth within the evolving landscape of the lithium and battery recycling industries.
