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Alliance Minerals calls for trading halt pending announcement on capital raising

CATALIST-LISTED Alliance Minerals has requested a trading halt, "pending an announcement in relation to a capital rising", the mining company said before the market opened on Tuesday.

Prior to the halt, the company’s shares last closed at S$0.178 on Monday, down 1.8 Singapore cents.

The company reported on May 10 that its net loss for the three months ended March 31, 2019 widened to A$10.9 million (S$10.4 million), from A$1.6 million for the quarter ended Dec 31, 2017.

Loss per share widened to 0.84 Australian cent for the quarter to March 31, 2019 from 0.33 cent for the quarter to Dec 31, 2017, according to its interim consolidated financial statements.

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Alliance Minerals recently underwent a “merger of equals” with Tawana Resources, an agreement made in April 2018 to create a mid-tier lithium producer.

While Alliance Minerals is the legal acquirer, Tawana has been referred to as the accounting acquirer and had accounted for the acquisition of the business and operations of Alliance since Dec 14, 2018.

Thus, the comparative information is only that of Tawana for the 12 months ended Dec 31, 2017, which was its last financial year.