The Poseidon Nickel Ltd (ASX: POS) share price won't be going anywhere on Wednesday.
This comes as the company requested that its shares be placed in a trading halt.
At such, the nickel producer's share price is frozen at 8.7 cents.
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Why is the Poseidon Nickel share price halted?
Prior to the market opening, the company requested the Poseidon Nickel share price be halted while it prepares an announcement.
In its release, the company advised it planned to make an announcement regarding a "significant funding development" with the Pure Battery Technologies Kalgoorlie battery metals refinery.
Poseidon Nickel has asked that the trading halt remain in place until Friday 18 March or following the release of the announcement, whichever comes first.
More on Pure Battery Technologies
Pure Battery Technologies announced plans in October last year to build a $460 million battery material refinery in Western Australia.
The hub will process nickel, manganese and cobalt to initially produce 50,000tpa of precursor cathode active material (pCAM) per year. This will be enough to create up to one million lithium-ion EV batteries in an effort to meet global demand.
Pure Battery Technologies managing director and CEO Bjorn Zikarsky said previously:
The Kalgoorlie pCAM hub is ground-breaking in terms of the green technology it will use and its role in the future of domestic and overseas EV markets.
Both Pure Battery Technologies and development partner Poseidon Nickel have been working together to get the project off the ground.
Poseidon Nickel managing director and CEO Peter Harold commented earlier this month:
We are currently advancing the bankable feasibility study for Black Swan, which includes evaluating a number of offtake options to deliver long term value for the project. These options include traditional nickel smelters, existing leaching plants and proposed plants (ie. PBT's Kalgoorlie pCAM hub).
About the Poseidon Nickel share price
From March 2021 to July 2021, Poseidon Nickel shares surged from 5.5 cents to an all-time high of 16 cents.
However, this was short-lived with the company's share price tumbling 60% to around 10 cents in August 2021.
Since then, Poseidon Nickel shares have moved in circles despite the spot price of nickel rocketing 200% in a year.
Based on valuation grounds, the company has a market capitalisation of roughly $266.56 million, with approximately 3.06 billion shares outstanding.
