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- Dreadnought Resources (DRE) has entered a trading halt ahead of a capital raise
- While the gold explorer hasn’t stated how much it will raise or what the money will be used for, it has a number of drilling and exploration programs planned for the next eight months
- Soon, Dreadnought will recommence drilling at Longmore’s Find and Metzke’s Find — both of which have recently yielded significant results
- The company is also planning further drilling and fieldwork over other targets within the Pilbara and Kimberley regions of WA
- Today’s trading halt comes after Chairman Paul Chapman and his associates exercised their options early, netting the company $100,000
- Since the last placement in August, directors have invested a total $1.2 million in the company, which will complement Dreadnought’s upcoming capital raise
- Company shares last traded for 2.9 cents on Monday, October 19
Dreadnought Resources (DRE) has entered a trading halt ahead of a capital raise.
The company will remain in a trading halt until the earlier commencement of trading on Thursday, October 22, unless details of the raise are announced earlier.
While Dreadnought hasn’t yet stated how much it will raise or exactly what the money will be used for, the company has a number of drilling and exploration programs in the works between now and June next year.
At the beginning of November, the miner is planning to recommence reverse circulation (RC) and diamond drilling along the 10-kilometre Metzke’s Corridor. This is aimed at following up and extending mineralisation at Longmore’s Find and Metzke’s Find.
Both prospects have yielded significant results recently, with Longmore’s Find returning a bonanza intercept of 100g/t gold and Metzke’s Find returning 39.2g/t gold.
“The next nine months will be extremely busy and exciting for Dreadnought.
We will continue to pursue programs at Illaara where we are targeting multiple high-grade gold deposits at three locations,” Managing Director Dean Tuck said in yesterday’s announcement.
Additionally, Dreadnought will begin generating targets around Lawrence’s Find in November. In the new year, the gold explorer will continue drilling at Ilaara and the months following will be focused on drilling at the Texas, Orion, Fuso, Paul’s Find and Chianti-Rufina targets.
Along with the upcoming cash injection, Dreadnought announced yesterday that Chairman Paul Chapman and his associates have exercised options early, netting the company $100,000.
The cash injection complements Dreadnought’s cash position, which sat at $1.1 million at the end of September.
In early August, the company raised $1.54 million, which funded exploration at Ilaara and Tarraji-Yampi. At the time, Dreadnought’s Chairman and Managing Director exercised 18.5 million options.
In total, Dreadnought directors have now invested around $1.2 million in the company.
Company shares last traded for 2.9 cents on Monday, October 19.
