The Global Lithium Resources Ltd (ASX: GL1) share price is on ice on Tuesday as the company prepares to release news of an acquisition and capital raise.
A new project could be on the cards for the ASX lithium share, joining the company's current two Western Australian developments.
The Global Lithium Resources share price last closed at $2.61. And that's where it will stay until the company releases its anticipated announcement or the market opens on Thursday, whichever comes first.
The company also released its quarterly results after the ASX closed yesterday.
Let's take a closer look at what might be happening – or not happening – with the ASX lithium share today.
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Why is this ASX lithium share frozen on Tuesday?
The Global Lithium Resources share price was put into a trading halt before Tuesday's open. On requesting the freeze, the company said:
Global Lithium Resources … requests that a trading halt be placed on its securities pending an announcement to the market regarding a project acquisition and capital raising.
No doubt the anticipation will have lithium fans on the edge of their seats.
It follows the release of the company's quarterly report yesterday. Speaking on Global Lithium Resources' recent activities, its managing director Ron Mitchell said:
The September quarter has been highlighted by the considerable progress we continue to make on our [calendar year] 2022 exploration programs at the Marble Bar Lithium Project and Manna Lithium Project.
Over the period, the company signed an agreement to explore future opportunities with Korean battery manufacturer SK On Co. Additionally, S&P/ASX 200 Index (ASX: XJO) lithium favourite Mineral Resources Limited (ASX: MIN) upped its stake in the company.
The ASX lithium share also received a second round of primary results from test work on samples taken from the Marble Bar Lithium Project. Finally, it announced its highest-ever grade discovery at the Manna Lithium Project.
The company spent around $4.5 million on exploration activities in the September quarter. It reported a $4.8 million quarterly cash outflow and closed the period with $28.1 million of cash and equivalents.
