- Adavale Resources (ADD) 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 October 5 or when more details regarding the raise are released, whichever occurs first
- On September 23, Adavale announced work is scheduled to begin in mid-October on its Lake Surprise Project tenements in South Australia
- The company will undertake gamma surveying, geological sampling and analysis to follow-up on historical results and target untested areas
- Shares in Adavale last traded at 6.5 cents on September 29
Adavale Resources (ADD) 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 October 5 or when more details regarding the raise are released, whichever occurs first.
Adavale is yet to disclose how much it intends to raise or how it will use the funds.
On September 23, Adavale announced work is scheduled to begin in mid-October on its Lake Surprise Project tenements in South Australia.
Adavale will undertake high-resolution gamma surveying to target untested areas and geological sampling and analysis to follow-up on historical portable XRF values.
This work is designed to help Adavale upgrade the historical exploration results at Lake Surprise to comply with JORC 2012 standards.
Adavale last tapped investors for cash in October 2020 in regards to a $1.29 million share purchase plan which was raised through the issue of 43 million shares at three cents.
The company used the money to fund exploration activities for nickel sulphide deposits in the Kagera Nickel Belt in Tanzania, East Africa.
Shares in Adavale last traded at 6.5 cents on September 29. The company has an $18.71 million market cap.