Snow Lake Lithium plummets after equity raise plans, noncompliance notice

Frontier Nuclear and Minerals

26/09/2022 19:57

(Updates stock activity, adds noncompliance notice details)
    ** U.S.-listed shares of Snow Lake Resources Ltd  LITM.O 
diving 43.1% to $1.81 on Mon after Canadian lithium miner
discloses stock offering plans and noncompliance notice from
Nasdaq
    ** LITM hits record low so far of $1.72 in afternoon
trading; 6,191,654 shares have exchanged hands as of 2:55 p.m.
ET
    ** Early Mon, co announced plans to sell 10 mln shares at
assumed price of $3 to fund resource development, technical
studies/reports, working capital and general corp purposes, per
securities filing
    ** Late Fri, co said received letter it is no longer in
compliance with Nasdaq's audit committee requirement due to
removal of Nachum Labkowski from co's audit committee  urn:newsml:reuters.com:*:nACS7kXDwa
    ** LITM shares on Fri surged 38% and closed at $3.18 on
record trading volume of nearly 74 mln shares, per Refinitiv
data, after supply deal with South Korea's LG Energy Solution
Ltd  373220.KS   urn:newsml:reuters.com:*:nL1N30U17I  urn:newsml:reuters.com:*:nACSXwP0Sa
    ** Snow Lake has 17.9 mln shares outstanding and ~7.67 mln
shares of public float - Refinitiv
    ** With move on Mon, shares of Australia's Nova Minerals Ltd
 NVA.AX  subsidiary down roughly 70% YTD
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))