In the past month AVZ shares have traded between $0.065 and $0.175.
AVZ Minerals Ltd's (ASX:AVZ) meteoric share price rise of late has been rewarding for those shareholders holding options, that have sprung into the money.
AVZ has just completed the conversion of 20.5 million $0.03 options, meaning the company will receive circa $615,000, but the paper value is closer to $2.2 million based on the last traded price of $0.115.
The company has also issued and allotted 7.5 million shares for zero consideration following a performance milestone being met.
AVZ now has 1.7 billion shares on issue.
The rocket in the share price came after a deal with Huayou Cobalt, the largest cobalt chemicals producer in China.
Huayou Cobalt will invest $13 million into AVZ at $0.07, with the focus to be on the Manono lithium project in the Democratic Republic of the Congo.
Recent results have confirmed high-grade lithium mineralisation over a strike length of four kilometres, with highlights including: 45.74 metres at 1.59% lithium from 50.5 metres at The Mpete pegmatite; and 65.86 metres at 1.51% lithium from 167 metres at the Tempete pegmatite.
AVZ Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
