CLEAN TEQ HOLDINGS LIMITED (ASX: CLQ)
Clean TeQ Holdings’ stock soared up 6.87% on March 27, 2018 with positive sentiments pouring in, post a fall of 21% in last three months (as at March 26, 2018). The group had lately issued share purchase plan offer document wherein each eligible shareholder was provided with an opportunity to acquire shares, without paying any brokerage or other transaction costs, at the Issue Price (being A$1.15 per share) for a total not exceeding A$15,000. Further, the Issue Price represented a 6.4% discount to the average market price of shares on ASX calculated over the ten trading days prior to and including the Record Date of 7 March 2018.
CLQ had completed the underwritten institutional placement of 8 March 2018, following demand from existing shareholders and new institutional investors. It is worth noting that the Placement closed oversubscribed with demand exceeding the $150m underwritten amount. The group plans to use the proceeds to fund early works and long lead items to accelerate the development of the Company’s 100% owned Clean TeQ Sunrise Nickel/Cobalt/Scandium Project. The group is tracking well on its Sunrise Project with regards to completion of the Definitive Feasibility Study (DFS) for the Project, with substantial work completed to date. The process plant has been identified to operate under high cobalt production scenarios while remaining at the permitted 2.5mtpa ore throughput rate. The Company is also preparing a Mine Operation Plan (MOP) for approval, which will enable the commencement of site works and construction is expected later in 2018. We maintain a “Hold” at the current price of $1.245
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