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- Gold explorer Magnetic Resources (MAU) has entered into a trading halt as it plans an upcoming capital raise
- Currently, it is not known how much the company is aiming to raise or where the funds will be spent
- Under the halt, company shares will be paused until Monday, April 26, or when more information is released to the market
- On the market, Magnetic last traded at $1.60 per share on April 21
Magnetic Resources (MAU) has entered into a trading halt ahead of an upcoming capital raise.
So far, there is no information about the raise such as how much or what the funds will be used for.
The halt means company shares will be paused until Monday, April 26, or when more information is released to the market.
Magnetic Resources’ primary focus is to advanced the Hawks Nest 9 and Lady Julie gold assets in the Laverton region of Western Australia.
One of the company’s strategies is to find the next multi-million gold deposit in the Laverton district. The district is well endowed with large world-class gold deposits at over 34 million ounces.
Magnetic is gearing up for a gold exploration program at Hawks Nest 9 and Lady Julie. The program aims to identify large economic gold deposits of one million ounces or greater.
“The Hawks Nest 9 Project in combination with Lady Julie represent an exciting large scale near surface gold deposit,” the company said on Tuesdat.
“The shallow gold and adjacent mining operations are the unique point of difference for investors in Magnetic Resource,” it added.
On the market, Magnetic last traded at $1.60 per share on April 21.
