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- Iron Road (IRD) has entered a trading halt ahead of a future capital raise
- At the moment, it’s unclear just how much the company is aiming to raise and where the funds will go
- Company shares will be paused until Thursday, November 5, or when more details are released to the market
- Over the September quarter, Iron Road burnt through $600,000 on operating activities and ended the period with $798,000 in cash
- On the market, Iron Road last traded for 13.5 cents per share on November 2
Iron Road (IRD) has entered a trading halt ahead of a future capital raise.
At the moment, there are no details about how much the company is aiming to raise and where the funds will go. Company shares will be paused until Thursday, November 5, or when more details are released to the market.
Iron Road is an Australian iron ore exploration and mining company, with two South Australian projects: Central Eyre and Gawler. Its vision is to become a trusted and reliable supplier of premium iron concentrates to the Asian marketplace.
Last week, the company delivered its September quarterly activities report. Over the quarter, Iron Road burnt through $600,000 on operating activities and ended the period with $798,000 in cash.
The company’s flagship project, Central Eyre, is a large-scale development, expected to produce 10 million tonnes of iron concentrate every year.
In the past three months, Iron Road signed Macquarie Capital as a joint developer of the Cape Hardy Port Facility in the Eyre Peninsula. Iron road and Eyre Peninsula Co-operative Bulk Handling (EPCBH) is also part of the joint development agreement (JDA).
Macquarie will provide the framework to advance the development and financing plans for the proposed $250 million Cape Hardy stage on, multi-user, multi-commodity port facility.
Last month, Iron Road reported that all conditions for the JDA has been satisfied and it will now move into the first phase of the project’s development plan.
On the market, Iron Road last traded for 13.5 cents per share on November 2.
