Clean TeQ Holdings Ltd Robust March quarter results
Robust March quarter results: Clean TeQ Holdings Ltd (ASX: CLQ) recently reported that there has been an immense trading activity with regards to its shares in last one week. However, the group is unaware of any issues justifying the trading activity. In last one month, the stock has plunged 35% as at April 26, 2017, but soared about 14.7% on April 27, 2017 at the back of impressive March quarter results. The group had reported that its Syerston Nickel / Cobalt Definitive Feasibility Study is progressing as planned. CLQ has involved itself in Nickel/Cobalt Sulphate offtake discussions and had placed 92,518,888 new shares at an issue price of $0.88 per share to raise proceeds of approximately $81 million to Pengxin International Mining Co. Ltd. for the development of the Syerston Nickel Cobalt Scandium Project. Some key appointments to board and senior management have also been made to enhance project development and operational capability. As at 31 March 2017, the available cash at bank has been reported to be $92.67 million with $0.2 million additional cash on deposit securing performance guarantees.
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