Kaili Resources remains in a trading halt after Monday’s extraordinary trading activity, which saw its shares briefly skyrocket by nearly 9000 per cent. The company, which explores for critical minerals, requested the halt pending an announcement. Kaili Resources aims to identify and develop resource projects, focusing on opportunities in the critical minerals sector.
The market operator issued a second “speeding ticket” to Kaili on Monday, prompting the company to state it was unaware of any undisclosed information that would account for the surge. Kaili attributed the intense trading activity to recent approval to commence drilling in South Australia, stating that it “has drawn investors’ attention to KLR in view of high interest in critical minerals investment”.
Shares in Kaili closed Monday up 2900 per cent at $1.08, after reaching an intraday high of $3.18. The company’s trading halt is expected to remain in place until it releases an announcement or until trading resumes on Wednesday. Kaili has also seen recent changes in its leadership.
Earlier this month, Jianzhong Yang was appointed as chairman. A notice from August 7 indicated that Yang acquired 75.7 million shares through Treasure Unicorn via an off-market trade for $US1. Yang also indirectly holds 13.2 million shares through Kaili Holdings. The seller, Yitai Group (Hongkong) Limited, has been granted the right to repurchase the Treasure Unicorn shares until December 31 at a predetermined price.
