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- Taruga Minerals (TAR) places its shares in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until February 14 or when an announcement is released with more details, whichever occurs first
- On February 7, Taruga announced it had received partial results from the Morgan’s Creek Prospect in South Australia
- So far, grades have peaked at 0.25g/t platinum and palladium, 520 parts per million (ppm) copper, 0.02g/t gold and 732ppm total rare earth oxides
- Shares in taruga last traded at 3.9 cents on February 9
Taruga Minerals (TAR) has placed its shares in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until February 14 or when an announcement is released with more details, whichever occurs first.
Taruga is yet to disclose how much it intends to raise or what it will use the funds for once received.
On February 7, Taruga announced it had received partial results from the Morgan’s Creek Prospect in South Australia.
So far, grades have peaked at 0.25 grams of platinum and palladium per tonne (g/t), 520 parts per million (ppm) copper, 0.02g/t gold and 732ppm total rare earth oxides (TREO).
Assays are pending for 23 holes and are expected to be reported on once analysed.
In its December quarterly report, Taruga revealed it had burnt through $193,000 with the majority going towards administration and corporate costs. The company also invested more than $1.05 million in exploration and evaluation.
As of December 31, Taruga had just over $1.45 million in total available funding, representing 1.7 quarters of use if spending levels remain the same.
This didn’t faze Taruga however as the company expects its estimated outflow for the March and June quarter to be lower.
Shares in Taruga last traded at 3.9 cents on February 9. The company has a $19.97 million market cap.
