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- Emu (EMU) enters a mid-week trading halt pending the release of an announcement regarding an upcoming capital raising
- The company will remain in the halt until November 5 or when more details regarding the raise are released, whichever occurs first
- In its September quarterly report, Emu revealed it had burnt through $480,000 with the majority going towards staff costs
- As of September 30, the company had more than $1.27 million in total available funding, representing 2.65 quarters left of use if spending remains the same
- Shares in Emu have been trading at 2.7 cents since October 29
Emu (EMU) has entered a mid-week trading halt pending the release of an announcement regarding an upcoming capital raising.
The company will remain in the halt until November 5 or when more details regarding the raise are released, whichever occurs first.
Emu is yet to disclose how much it intends to raise or what it will use the funds for.
In its September quarterly report, Emu revealed it had burnt through $480,000 with the majority going towards staff costs.
The company also invested $4000 in its tenements.
As of September 30, Emu had more than $1.27 million in total available funding, representing 2.65 quarters left of use if spending remains the same.
Prior to releasing its quarterly, Emu announced it had advanced its phase two reverse circulation drilling program at the Gnows Nest Project in Western Australia.
Drilling began in September to follow up on a maiden drilling program completed in Q1 2021 and test for extensions of the gold mineralisation below previous intercepts.
Results have so far peaked at 18.57 grams of gold per tonne (g/t).
Shares in Emu have been trading at 2.7 cents since October 29. The company has a $12.59 million market cap.
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