Unfortunately for its shareholders, the Argosy Minerals Limited (ASX: AGY) share price is missing out on the market's move higher today.
This morning the mineral exploration company's shares were placed in a trading halt at the company's request.
Why are its shares in a trading halt?
Argosy Minerals requested the trading halt whilst it prepares to make an announcement related to an update on the Qianyun Subscription Agreement and other corporate matters.
The company's shares are expected to remain in the trading halt until the market open on Wednesday October 4.
While this may sound like a fairly standard trading halt, it certainly has got shareholders scratching their heads.
The Qianyun Subscription Agreement relates to a $16.9 million placement and $9.5 million upfront prepayment for battery grade lithium carbonate.
China-based Qianyun recently requested an extension to the due diligence process which caused a few concerns with shareholders.
While the company put this down to delays in the receipt of documents, some investors felt there was more to it. Although they have recovered in full now, this news immediately led to a sell-off of its shares.
With the due diligence period extension now exceeded, shareholders will no doubt be a touch concerned with the wording of today's announcement.
I imagine there will be a lot of eyes on Argosy Minerals on Wednesday morning.
