180 Markets: Movers and Shakers

Greg Lowe

180 Markets

TODAY'S TRADING HALTS

Bluglass Limited (ASX: BLG) has halted this morning after providing an update on one of its products, announcing executive changes and a rights issue. BluGlass announced that it continues to progress the development of its first direct-to-market commercial laser diode products. Early samples confirmed that the product meets commercial specification. However, reliability testing uncovered some flaws, requiring additional production efforts. Managing Director and CEO, Giles Bourne announced his resignation effectively immediately. BluGlass also announced intentions to undertake a non-renounceable rights issue to raise $8 million. With an objective to align shareholders and assist with cash, non-executive directors are set to sacrifice their salary for equity. 

Coda Minerals Ltd (ASX: COD) and Torrens Mining Limited (ASX: TRN) have both halted pending the release of an exploration update from the Emmie Bluff Deeps IOCG Project. The project is currently funded under a farm-in and joint venture agreement between the two companies. Torrens currents owns 30%, with the remaining 70% held by Coda Minerals Limited. 

Zeus Resources Limited (ASX: ZEU) is currently in a trading halt to allow the planning and execution of a capital raise.

Superloop Limited (ASX: SLC) is currently in a trading halt pending the release of an announcement in relation to a material acquisition and a capital raising.

PYC Therapeutics Limited (ASX: PYC) has halted pending results from the company’s assessment of the effectiveness of its second investigational drug candidate.


WHATS HOT

Altium Limited (ASX: ALU) reached a high of $38.26 this morning after rejecting a proposal from Autodesk, Inc. (NASDAQ: ADSK) for the acquisition of 100% of Altium shares at $38.50 per share to be implemented by way of a scheme of arrangement (Proposal). The Altium Board considered the Proposal to significantly undervalue Altium’s prospects and therefore rejected the Proposal at the current price.

Globe Metals & Mining Limited (ASX: GBE) traded up this morning to an intraday high of $0.12 per share ($1.5M in trade volume) on the back on news that it has received formal notification from the Principal Secretary of Mining that the Malawi Government’s Mineral Resources Committee has reviewed Globe’s mining licence application for the Kanyika Niobium Project (AML0026) and recommended the grant of a Mining Licence. Approval by the Malawi Government’s Mineral Resources Committee (MRC) is a critical and formal step in the process of granting a Mining Licence under the new Mines and Minerals Act, 2018 (Mines Act) which became effective on 1 September 2019

Estrella Resources Limited (ASX: ESR) is trading up at around $0.07 this morning ($1.1M of trade volume) on the back of news of its continued drilling success at Carr Boyd. Estrella has continued to intersected several significant bands of massive nickel-copper-iron sulphides breccias within a 28m(1) zone of nickel-copper-iron mineralisation in its Phase 3 diamond drilling program at the Company’s 100% owned Carr Boyd Nickel-Copper Project, located ~80km north of the City of Kalgoorlie-Boulder.

Sayona Mining Limited (ASX: SYA) is trading up this morning at $0.068 per share ($4.94m of trade volume) on the back of news that it is embarking on the next phase of its Pilbara gold exploration.Work includes drill testing of discrete magnetic anomalies at Mt Dove and Deep Well projects, which display characteristics of hi‐Mg diorite intrusions host to gold mineralisation.


WHATS NOT


New Age Exploration Limited (ASX: NAE) has traded down this morning, reaching intraday lows of $0.013 (trade value of $0.8M) on the back of news it has completed the maiden Pilbara drill programme with 37 holes for ~1159m on the high priority targets within its northern package of Pilbara Gold projects. The package includes E47/5064, E47/5065 and E47/3958, in the highly prospective Central Pilbara Gold district, Western Australia. All holes were drilled to refusal and beyond where capable and assays were taken to ascertain the relevant geology.


Desert Metals Limited (ASX: DM1)
has traded down this morning reaching intraday lows of $0.715 per share (trade value of $0.4M) on the back of an exploration update. Drilling is currently paused due to a change in drill contractor and also due to heavy rain preventing access to site for the past week. Drilling is expected to commence at Irrida Hill next week as soon as the roads re-open.

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Greg Lowe
Greg Lowe
CEO and Co-Founder
180 Markets

Greg is Co-founder of 180 Markets which gives access to Australia's hottest IPOs and Placements. Previously Greg has spent over 20 years as a professional hedge fund investor, including with P Schoenfeld Asset Management and Credit Suisse, in...

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