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- Eastern Iron (EFE) has requested back-to-back trading halts ahead of a capital raise announcement
- News for the company has been quite scarce lately, however, a quarterly report for the March period hinted at some potential new assets
- While a June quarterly is yet to be released, Eastern Iron is certainly not swimming in cash, having closed off the March quarter with just $196,000
- Company shares last traded for 0.7 cents each on Friday July 24
Eastern Iron (EFE) has requested back-to-back trading halts ahead of a capital raise announcement.
The nano-cap company will remain in a trading halt until Friday, July 31, or when the announcement is made to the market.
News for the company has been quite scarce lately however a quarterly report for the March 2020 quarter hinted at some potential new assets.
Eastern Iron is a New South Wales-based company with an eye for mineral projects in the eastern states.
In the March quarter, it chose not to go ahead with the acquisition of Ion Mining, which holds an interest in the Przecznica Cobalt Project in Poland.
No exploration work was carried out at the Nowa Nowa Copper Project however Eastern Iron continued the review of the feasibility of its wholly-owned Nowa Nowa Iron Ore Project in Eastern Victoria.
During the quarter, Eastern Iron evaluated a number of projects and engaged in commercial discussion with various parties.
Eastern Iron spent a total of $5000 on exploration and evaluation for the March quarter and ended the quarter with a cash balance of just $196,000.
Company shares last traded for 0.7 cents each on Friday, July 24.
