Canyon Resources Ltd (ASX: CAY) has announced a trading halt
Canyon Resources Ltd (ASX: CAY) has announced a trading halt.
There are a few reasons why a stock would go into a trading halt. It is generally ahead of a news announcement.
Canyon Resources Ltd has requested the trading halt as it seeks to gain clarification from the Cameroon Government regarding a press release regarding Societe Nationale Des Mines having entered into a Memorandum of Understanding with a Chinese party with respect to an ‘envisaged’ relationship which includes exploration of the Makan and Ngaoundal areas in Cameroon. These areas are currently the subject of applications for Canyon Resources Ltd’s subsidiary to renew the term of two exploration licences held by the Company’s subsidiary.
Trading halts are typically enacted in anticipation of a news announcement, to correct an order imbalance, as a result of a technical glitch or due to regulatory concerns.
Halts may also be triggered by severe down moves, in what are called circuit breakers or curbs.
The trading halt will remain in place until normal trading commences on February 23, 2022 or when the company announcement is made.
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