Australian Strategic Materials Ltd (ASX:ASM) has been granted a trading halt by the ASX with an announcement pending in regard to a proposed material capital raising.
The halt will be in place until the start of regular trading on Wednesday, March 24, or when an announcement is released to the market, whichever occurs earliest.
MoU for Korean Metals plant
ASM recently signed a key MoU with the Chungcheongbuk-do (Chungbuk) Provincial Government and Cheongju-si City Government to locate its Korean Metals Plant (KMP) within the Ochang Foreign Investment Zone in South Korea.
The Chungbuk Provincial Government MoU covers the supply of utilities, administrative licences and permit procedures, including the Korean Standard Industrial Classification code for rare metals and rare earth metals.
This MoU covers the company's first metals plant and also includes a government grant, in accordance with Foreign Investment Promotion Act.
The Korean Metals Plant will initially produce high-purity neodymium-iron-boron powder and titanium powder.