The Lithium Power International Ltd (ASX: LPI) share price is immobile today following the ASX's decision to grant a company-requested trading pause.
Before being placed on the back-burner, the Lithium Power share price has been enjoying a recent market resurgence of ASX lithium shares, rebounding to a three-month high of 69.5 cents apiece.
The lithium explorer's returns are plotted below for the 12 months to date.
Image source: Getty Images
Lithium Power trading halt
In its request to the ASX, the company noted it was set to raise capital by issuing new shares and was meeting compliance regulations in writing.
On that basis, the company is likely to post a price-sensitive announcement regarding the capital raise, either as plans or after the fact.
"[Lithium Power] requests a trading halt in respect of its securities with immediate effect," it said in correspondence to the ASX posted today.
The ASX responded swiftly and granted the company's request, noting that its securities will remain in a halt until next Monday unless the company makes an announcement sooner.
The capital raise was set to be for $20 million to fund work at its Maricunga lithium brine project in Chile, The Australian Financial Review reported. The offer was priced at 60 cents a share.
Canaccord Genuity is the sole book manager and reportedly called for bids from those participating before 4pm today.
Meanwhile, the Lithium Power share price is up more than 131% over the past 12 months and up 51% this year to date.
