JOHANNESBURG – Lithium producer Tawana Resources, the Australian and JSE-listed entity which last week requested suspension of trading in its stock on the local bourse, has asked for an extension of the halt in trade.
“(The company) requests that the securities remain suspended from trading, pending the release of an announcement in relation to the finalisation of the proposed debt-funding package,” Tawana said on Wednesday.
It expects to make the further announcement on Thursday.
“The company is not aware of any reason why the voluntary suspension should not be granted, nor is it aware of any other information necessary to inform the market about the voluntary suspension,” it said.
According to Australian media, Tawana has secured a $A40 million (R416.5m) funding lifeline to underpin its long-term future on the Australian Securities Exchange.
Tawana is expected to announce today that it has agreed to a $A40m debt funding package with an Australian institutional investor, believed to be Tribeca Investment Partners.
The funding is expected to mean Tawana can pass a going concern test and that it can continue to trade.
– BUSINESS REPORT