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- Hammer Metals (HMX) has paused its shares as it prepares for an upcoming capital raise
- So far, there are no details on how much the company is aiming to raise or where the funds will be spent
- Company shares will be halted until Friday, April 23, or when more information about the raise is released on the market
- On the market, Hammer last traded at 11 cents per share on April 20
Hammer Metals (HMX) has entered into a trading halt ahead of an upcoming capital raise.
Currently, there are no details on how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Friday, April 23, or when more information about the raise is released on the market.
Hammer is a gold explorer with projects in Queensland and Western Australia.
Earlier this month, the company reported that its Mount Isa joint venture with Japan’s state-owned JOGMEC was continuing to progress.
JOGMEC is able to earn a 60 per cent interest in the joint venture area by contributing $6 million to the project.
“Our Joint Venture with JOGMEC has shown tremendous progress over an 18-month period with the discovery of the Trafalgar copper and gold deposit,” Managing Director Daniel Thomas said at the time.
“The potential of the JV has been recognised by major Japanese end-user copper customers and in line with JOGMEC’s investment mandate, they are obliged to complete a defined tender process to elicit firm bids from a select list of suitably qualified and focussed Japanese resource companies,” he added.
On the market, Hammer last traded at 11 cents per share on April 20.
