Join our daily newsletter At The Bell to receive exclusive market insights
- Exploration company Astro Resources (ARO) has placed its shares in a trading halt as it gets ready to raise more capital
- The business entered a trading halt after market closed on Friday, February 19, and the halt is set to last until Wednesday, February 24
- ARO hasn’t announced the details of the fundraise just yet, but it did reveal on Monday it was planning to increase its stake at its Needles Property
- Astro has staked an additional 26 lode mining claims for an area that is adjoining to the existing 113 claims it already had at the Texas-based asset
- Before the trading halt came into effect, shares in Astro Resources traded for 0.4 cents each
Exploration company Astro Resources (ARO) has placed its shares in a trading halt as it gets ready to raise more capital.
The business first entered the trading halt after market closed on Friday, February 19, and it’s set to remain in place until Wednesday, February 24.
ARO hasn’t announced any details about the fundraise just yet, but it did reveal on Monday that it was planning to increase its stake at its Needles Property in the U.S.
Astro has staked an additional 26 lode mining claims for an area that is adjoining to the existing 113 claims it already had at the Texas-based asset.
Final confirmation of the claims is expected shortly, and, once complete, the total area of Needles will have increased by 23 per cent to 11.62 square kilometres.
“The new tenements significantly increase the footprint of our landholding in the area that we believe has strong potential for epithermal gold deposits,” Chairman Jacob Khouri commented.
“The tenements appear to cover the same prospective volcanic units we have identified in our central project area, increasing our chances of success in
our exploration of Needles,” he added.
Before Friday’s trading halt came into effect, shares in Astro Resources traded for 0.4 cents each.
