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- Province Resources (PRL) has entered a trading halt ahead of a capital raise and a “material” acquisition
- The exploration company has been actively reviewing potential new projects to acquire but where and what the chosen asset is, isn’t yet known
- As of last week, Province had $3.9 million in cash and, according to its cashflow report, it had 13.72 estimated quarters of available funding
- Nevertheless, the market will only have to wait until Wednesday, February 17, at the latest to find out the details
- Company shares last traded at 2.6 cents on Friday, February 12
Province Resources (PRL) has entered a trading halt ahead of a capital raise and a “material” acquisition.
The materials stock is an exploration company with assets in Australia and Sweden.
In Australia, the company has secured complete ownership of the Pascalle Gold Project, Paterson South Project and the Gnama Nickel Project. In Sweden, it owns the Hörby target, which is part of the world-renowned Skåne Vanadium Project.
The Hörby target alone has a mineral resource of 116.9 million tonnes at 0.39 per cent vanadium pentoxide.
In both its quarterly activities report and last week’s announcement, Province claims it has been actively reviewing potential new projects. However, where and what these new assets are remains to be seen.
Interestingly, the vanadium company had $3.9 million in cash as of last week and 13.72 estimated quarters left of available funding according to its most recent cashflow report. If the upcoming capital raise is supporting the acquisition, it must be a significant one.
Nevertheless, the market won’t have to wait long for the details, with Province expected to come out of the trading halt by Wednesday, February 17.
Company shares last traded at 2.6 cents on Friday, February 12.
