Indiana Resources (ASX:IDA) has initiated a trading halt on its securities. This is due to an anticipated US$25 million payment from the United Republic of Tanzania. The trading halt will be in effect until the announcement is made or trading resumes on 29 October 2024.
Indiana Resources Limited has requested a trading halt as it anticipates a significant payment from Tanzania. This payment is the second instalment of their settlement agreement and amounts to US$25 million. The trading halt is set to last until the announcement is made or the start of trading on 29 October 2024. The board of directors has approved this halt, ensuring transparency and compliance with ASX regulations. This development is an important step in Indiana Resources' financial strategy, potentially bolstering its cash flow and financial standing.
The request for the trading halt has been authorized by the company's board of directors, and they have indicated no reason for it not to be granted.