Potential ‘change of control’ transaction brewing at Azure

23rd October 2023 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

Potential ‘change of control’ transaction brewing at Azure

Azure's Andover project in Western Australia

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.