- Accelerate Resources (AX8) has requested back-to-back trading halts regarding a material transaction and capital raise
- The mining company will remain in the halts until September 4 or when an announcement is made, whichever occurs first
- In its June quarterly report, Accelerate announced it had $156,000 in total capital remaining, representing less than half a quarter of funds to continue operations at similar spending levels
- However, the company entered a trading halt in early July regarding a $1 million placement to help bolster its cash position
- Shares in Accelerate last traded for 5.6 cents each on August 28
Accelerate Resources (AX8) has requested back-to-back trading halts regarding a material transaction and capital raise.
The mining company will remain in the halts until September 4 or when an announcement is made, whichever occurs first.
At this stage, it is unclear how much money will be raised or what the funds will be used for.
In its June quarterly report, Accelerate announced it had burnt $280,000 over the period, with the majority of funds going towards administration and staff costs.
In its June quarterly report, Accelerate announced it had $156,000 in total capital remaining, representing less than half a quarter of funds to continue operations at similar spending levels.
However, the company entered a trading halt in early July regarding a $1 million placement to help bolster its cash position.
Accelerate announced it would use the funds to advance an upcoming drill program at its Comet Project in WA, progress work at the Tambellup Kaolin Project, pursue new opportunities, and for general working capital.
Shares in Accelerate last traded for 5.6 cents each on August 28.