Global Lithium Resources (ASX:GL1) Ends Week in Trading Halt

Global Lithium Resources (GL1) has ended the week in a trading halt as it prepares for an upcoming capital raise.

So far, there are no details on the market about how much the company is aiming to raise or where it plans to spend the money.

Under the halt, company shares will be paused until Tuesday, March 15, or when further details about the raise are released to the market.

Global Lithium is an emerging lithium exploration company with a focus on its Marble Bar lithium project, located in the Pilbara region of Western Australia.

Last week, the company signed an offtake agreement with Suzhou TA&A Ultra Clean Technology.

Under this 10 year agreement, Suzhou will acquire at least 30 per cent of available product from GL1’s operations.

Suzhou will also have the opportunity to increase the quantity of product up to 15 per cent in each contract year.

Notably, Suzhou is Global Lithium’s number one shareholder with a 9.4 per cent stake.

On the market, GL1 last traded at $1.60 per share.