The share price of ASX lithium explorer Anson Resources Ltd (ASX: ASN) is in the freezer on Thursday as the company prepares to release news of a capital raise.
The Anson Resources share price closed Wednesdayâs session at 43 cents.
And there it will stay until either the market hears news from the company or the ASX opens on Monday, whichever comes first.
Letâs take a closer look at the latest from the lithium-focused mineral explorer and development company.
ASX lithium share Anson Resources frozen on Thursday
The Anson Resources share price is on ice today as the company prepares to inform the market of capital raising activities.
The trading halt comes just one day after the stock dodged a broader market sell-off with news of its Paradox Lithium Project.
The Anson Resources share price hit a new record high of 47.5 cents on Wednesday on the back of encouraging assay results from the projectâs Cane Creek 32-1 well.
Additionally, the companyâs latest quarterly report described its balance sheet as âstrongâ.
It boasted around $5.72 million of cash and $14.7 million of unused finance facilities as of the end of June. That saw it with an estimated seven quarters of funding available.
The last time the company underwent a capital raise was almost exactly 12 months ago. Then, it raised around $7.35 million, issuing new shares for 9.1 cents apiece.
The Anson Resources share price has since gained 325% over the last 12 months. It has also surged 165% since this time last month.
Of course, that means a measure of its volume weighted average price (VWAP) might come up considerably lower than its current level.
The post Why is ASX lithium share Anson Resources on ice today? appeared first on The Motley Fool Australia.
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More reading
- How are ASX lithium shares faring amid Wednesday’s carnage?
- Anson Resources share price surges to ASX all-time high on lithium news
- Vulcan Energy share price is one of the worst ASX lithium performers so far this year. Why?
- 4 ASX lithium shares that have rocketed more than 100% in 2022
- 4 ASX lithium shares hitting all-time highs on Thursday
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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