Why is the Green Technology Metals share price on ice today?

Why are Green Metals Technology shares frozen?

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Key points

  • Green Technology Metals shares are halted at $1.155 following a request from the company
  • Management is planning an announcement on a strategic investment and associated capital raise
  • The company's shares are expected to resume trading on or before Friday 29 April

The Green Technology Metals Ltd (ASX: GT1) share price won’t be going anywhere on Wednesday.

This comes as the company requested that its shares be placed in a trading halt.

At the time of writing, the Canada-based lithium explorer’s shares are frozen at $1.155 apiece.

Why is the Green Technology Metals share price halted?

Prior to the market opening, management requested the Green Technology Metals share price be halted while it prepares an announcement.

According to the release, the company is planning to make an announcement regarding a cornerstone investment and associated capital raise.

Green Technology Metals requested that the trading halt remains in place until Friday 29 April or following the release of the announcement, whichever comes first.

More on Green Technology Metals

Green Technology Metals is a North American-focussed lithium exploration and development business.

Located on highly-prospective Archean Greenstone tenure in northwest Ontario, Canada, the company has several lithium projects. They include high-grade, hard rock spodumene assets (Seymour, Root, and Wisa) and lithium exploration claims (Allison and Solstice).

Most notably, the company’s flagship Seymour Lithium project has an existing mineral resource estimate of 4.8 Mt @ 1.25% Li2O.

Earlier this month, management announced it recently intercepted high-grade lithium oxide from the North Aubry deposit at Seymour.

While the maiden drilling program has since been completed, the company is currently conducting both phase two (Central Aubry zone) and phase three (Pye prospect) drilling.

About the Green Technology Metals share price

Since listing in November 2021, the Green Technology Metals share price has surged by more than 360%.

In 2022, its shares are up 122% which has been supported by positive investor sentiment in the lithium sector.

Based on valuation grounds, the company has a market capitalisation of roughly $122.43 million, with 106 million shares outstanding.

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

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