Altantic to announce Windimurra plans

Shares in West Perth-based Atlantic have been placed in a trading halt pending an announcement regarding the Windimurra vanadium project.

On June 30, the company announced it was planning a $55 million capital raising to fund construction and commissioning of the project.

The funds raised would be loaned to Midwest Vanadium, the company that holds 100 per cent of the project.

Atlantic said the money, together with new lease finance and working capital facilities, would allow Midwest Vanadium to complete the construction and commissioning of the project.

At the time, Atlantic said it was working with Mineral Resources to acquire an effective 90 per cent equity interest in Midwest Vanadium.

Windimurra is a high quality project with a significant reserve base that is approximately 85% complete.

Shares in Altantic last traded at 4 cents.