Atlantic Lithium Limited’s (ASX:A11) shares have been placed on a trading halt today due to pending announcement.
The halt was granted in the wake of the company lodging a research and development application with the ASX. Atlantic Lithium is yet to provide further details about the pending announcement and therefore investors are left to speculate on what the announcement will entail.
Due to the uncertainty of the information that will be released for the announcement, investors can only begin to guess what R&D activities the Australian based exploration and development company is going to undertake.
Atlantic Lithium is focused on exploring and developing battery grade lithium hydroxide and spodumene products in mining regions in Florida, USA. In December 2019, the companies lithium exploration program began with an airborne radar day survey being conducted. Subsequent to this, Atlantic Lithium has been undergoing a selection of geochemical studies through early 2020.
The company has shown their commitment to their projects as they negotiated a loan in February with Clean Energy Finance Corporation (CEFC). With the loan, Atlantic Lithium undertook the hydroliths for their Florida lithium project to increase the development process and prepare for commercial production in the future.
This trading halt follows the news of the share price surging by 4.6% to 22.5 cents at close of trading on the 31 August 2020. This was due to a successful investor update that the company released of the results of their analysis at the Mariposa, Maravilla and Ocala properties.
This upcoming announcement has investors on the edge with anticipation, and with no indication of what the announcement will be, all investors can do is speculate and monitor the stock until the 15th of September pending the announcement.
The trading halt of Atlantic Lithium’s shares has left investors feeling unsure as the company awaits the announcement. With a rapid growth in exploration success, and a loan taken out from the CEFC to expedite the Florida lithium project, investors are increasingly interested to see what this announcement will entail. Investors will be eagerly awaiting the 15th September when the announcement is due.
