Potential ‘change of control’ transaction brewing at Azure
As lithium exploration firm Latin Resources’ shares resumed trading on Monday following a halt, three other ASX-listed lithium companies initiated their own trading halts.
One of these is Azure Minerals, which flagged a “potential change of control” transaction.
Azure did not name its suitor, but local news outlets speculated that Chilean giant Socieded Quimica Y Minera (SQM) may be behind a bid.
SQM in July offered A$2.31 a share for Azure, but the Australia-based company rejected the offer, stating that it did not warrant further engagement, considering the potential of its Andover lithium project, in Western Australia.
Azure’s stock traded at A$2.44 a share before the trading halt came into effect on Monday.
Meanwhile, European Lithium also requested a trading halt, pending an announcement regarding the “Nasdaq merger”.
The company, which is focused on advancing the Wolfsberg project, in Austria, entered into a business combination agreement with Sizzle Acquisition Corp late last year, paving the way for a Nasdaq listing. European Lithium teamed up with the special purpose acquisition company to form a new lithium exploration and development firm, named Critical Metals, which will join the Nasdaq.
Pan Asia Metals, which has lithium development projects in South East Asia and South America, requested a halt in its securities from the ASX, pending the release of an announcement in relation to a proposed equity raise by way of a placement.
Further, Matador Mining, which is exploring for gold in Newfoundland, Canada, requested a trading halt for a capital raising announcement.
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