- A-Cap Energy (ACB) enters a trading halt as it plans an upcoming capital raise
- There are no details on how much the company is aiming to raise or where the funds will be spent
- Under the halt, trading in A-Cap shares will be paused until Friday, September 17, or when more details are released to the market
- On the market, A-Cap Energy last traded at 13.5. cents per share
A-Cap Energy (ACB) has entered into a trading halt as it plans an upcoming capital raise.
The company has given no details about how much money the company is aiming to raise or where it will be using the funds.
Under the halt, trading in A-Cap shares will be paused until Friday, September 17, or when more details are released to the market, whichever comes first.
A-Cap is an Australian resources company focused on the exploration of nickel- cobalt to supply cathode materials to the global electric vehicle battery industry.
In 2018, the company entered a binding term sheet with Blackham Resources to purchase a 75 per cent farm-in joint venture interest in nickel, cobalt and associated metals of the Wilconi Nickel Cobalt Project in Western Australia.
The company also owns the Letlhakane Uranium Project, located in Botswana and one of the world’s largest undeveloped uranium deposits. In 2016, it was granted a mining licence which is valid for 22 years.
“The Letlhakane Uranium Project remains an important project asset within the diversified minerals strategy,” the company said.
“While the nuclear industry is confident in the long-term fundamentals of uranium and nuclear power, there is less certainty in the short term with industry expectation that the market will gradually move towards balance from calendar year 2025.”
For the quarter ending in June, the company used $370,000 in operating activities while cash at the end of the period was $3.5 million.
On the market, A-Cap Energy last traded at 13.5. cents per share.