- Adavale Resources (ADD) enters into a trading halt ahead of a capital raise
- So far, there is no detail on how much the company is aiming to raise or where it plans to spend the money
- The halt puts company shares into a pause until Wednesday, July 27, or when further information has been released to the market
- Shares in Adavale last traded at 2.5 cents on July 20
Adavale Resources (ADD) has entered into a trading halt ahead of a capital raise.
So far, there is no detail on how much the company is aiming to raise or where it plans to spend the money.
The halt means company shares will be paused until Wednesday, July 27, or when further information has been released to the market.
Adavale is a nickel sulphide exploration company that holds 100 per cent of the Kabanga Jirani Nickel Project, a portfolio of seven highly prospective granted licences covering around 1145 square kilometres along the Karagwe-Ankolean belt in Tanzania.
The company also holds three exploration licences for their sedimentary uranium potential within the northern part of the highly prospective Lake Frome Embayment in South Australia.
Just last week, the company moved through an approval process ahead of planned drilling at its Lake Surprise uranium project in South Australia.
The exploration company had planned an aircore drilling campaign of between 50 and 150 drill holes for August to test shallow paleochannel zones at depths of 30 metres.
Once all approvals are received, the company expects the drilling program to take around three weeks to complete.
Shares in Adavale last traded at 2.5 cents on July 20.