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Alita Resources Ltd

Alliance Mineral Assets enters trading halt ahead of capital raising

Shares have rallied over the past month off their low of 16 cents to last trade at 20 cents.

three hands dropping coins in jars
Last week the company revealed positive drill results from its lithium and tantalum mine

Alliance Mineral Assets Ltd (ASX:A40) has been granted a trading halt by the ASX pending the release of information regarding a proposed capital raising.

Shares in the company will remain halted until the earlier of either, the release of relevant information, or, the commencement of trading on Thursday 16 May 2019.

READ: Alliance Mineral Assets identifies new exploration target at Bald Hill Lithium and Tantalum Mine

Last week Alliance revealed that drill has provided further evidence of a new extensive mineralised pegmatite body at Bald Hill Lithium and Tantalum Mine in Western Australia.

A drill hole (LRCD0842), which formed part of recent exploration drilling, intersected 20 metres of coarse-grained spodumene-bearing pegmatite from 189 metres.

Kidman bid attracts takeover speculation

With M&A activity starting to heat up and some specific action in the ASX lithium sector with Wesfarmers (ASX:WES) bidding for Kidman Resources Ltd (ASX:KDR), Alliance has been touted as a potential takeover target.

Media speculation earlier this month suggested Alliance’s status as a lithium and tantalum producer makes it a viable takeover option.

Quick facts: Alita Resources Ltd

Price: $0.08

Market: ASX
Market Cap: $121.07 m
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