Join our daily newsletter At The Bell to receive exclusive market insights
- Tietto Minerals (TIE) ends the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until March 29 or when more details regarding the raise are released, whichever occurs first
- In its half-year report for H1 FY21, Tietto tabled a loss after income tax of $21.4 million for the period, more than double the $9.19 million in H1 FY20
- The company burnt $16.68 million in operating activities and invested $27.32 million in its property, plant and equipment
- Shares in Tietto last traded at 58.5 cents on March 23
Tietto Minerals (TIE) has ended the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until March 29 or when more details regarding the raise are released, whichever occurs first.
Tietto is yet to disclose how much it intends to raise or what it will use the funds for once received.
In its half-year report for H1 FY21, Tietto tabled a loss after income tax of $21.4 million for the period, more than double the $9.19 million in H1 FY20.
The company burnt through $16.68 million in operating activities and invested $27.32 million in its property, plant and equipment.
As of December 31, the company had cash and cash equivalents of more than $45.45 million.
Tietto last tapped investors for cash in November 2021 when it raised $85 million for its Abujar Gold Project in West Africa.
Roughly 218 million new fully-paid ordinary shares were issued at 39 cents, representing a 12.4 per cent discount to Tietto’s close of 44.5 cents on November 19.
Tietto stated it would use the money to build its Abujar Gold Project and continue exploration for gold resource growth.
Shares in Tietto last traded at 58.5 cents on March 23.
